Mortgage with a Guarantor ... Help

cactusMan_2

@Brock_and_Roll - Her parents have been telling her to stop paying the mortgage. My gut is telling me her and her parents are bluffing.

@kingstreet and @DalePie - Thanks for the information. My credit rating is important to me. I need to sort this out without screwing that for 6+ years.

@ACG - Is it possible to sell the house with a tenant in it? The house is currently vacant but I have an agent looking. If it is vacant, the cost will be high and she will refuse to pay it, leaving it to me and it could take some time to sell. I also fear I wouldn't get my target price which could leave me with debt of 10 or 20 thousand. It is looking more and more likely this is the route I am going to have to take.

She has me over a barrel.

ACG

It is yes, but it would depend on the buyer and their lender.

Kingstreet raises a good point, but assuming she is happy to sell then it should be fairly straightforward to sell.

Any shortfall you can slap her with a CCJ and get bailiffs involved to try and get her share of the shortfall.

Im not sure which is more hassle though.

Brock_and_Roll

cactusMan wrote: »

@

She has me over a barrel.

Actually, she is over the barrel as well as are her parents. Painful though it might be, I think there is merit in a cards on the table discussion with her.

Thrugelmir

cactusMan wrote: »

@Brock_and_Roll - Her parents have been telling her to stop paying the mortgage. My gut is telling me her and her parents are bluffing.



She has me over a barrel.

No she doesn't.

Your ex has an asset on which any financial shortfall can be secured. Only play poker if you hold all the aces.

somethingcorporate

Agree with everyone else. If he parents are guarantors it's in her interest to keep up with the payment, if she doesn't and you don't it will fall on them to pick up the slack.

DalePie

cactusMan wrote: »

She said her parents have spoken to their financial advisor and they are safe because the bank will come after me first.

I call BS on this statement. No IFA is ever going to advise non payment of debt!

Are you on speaking terms with the parents? It's worth talking to them directly as this will impact their credit score and the mortgage company will chase everyone they can including them!

Another thing that worries me too. You mention your ex is "Cash Based".

"Cash Based" to my mind = Can't get a bank account / Access to simple banking functions because they're in debt / listed on the GAIN network / CIFAS /CCJ. If that's true you should be making sure you disavow any financial links to her. What bank card does she have? Barclays Cash Card (Non Visa) or similar? I'll bet you 100 quid!

Have you run a quick CCJ / BR check on her? That's a good way of sussing what's going on too.

If what I'm saying is true. I would be 99% certain the parents are completely unaware of the financial bombshell little madam is about to unleash on them.

Get a new tenant ASAP to keep you going for now. You really need to have that chat with the parents IMHO.

cactusMan wrote: »

She has me over a barrel.

Not a chance buddy, if my account of events is right she'll lose her parents with this stunt.

I would go so far as to say she doesn't have a barrel to p&ss in!