buying/divorce/possible re-posession....

wood1e

Hi, I am trying to buy a house, the current owner has not been paying hte mortgage. The mortgage company are seaking a reposession. He is going to court to obtain a stay of reposession, that will then give me time to buy.

If he doesn't can I go direct to the mortgage company and offer a price?

Further complication are (I think, as I am not 100% sure)...the ex-wife is refusing to lift Child Charge on house, until her ex has agreed with financial settlement on divorce. NOt even allowing it to be sold and monies placed in escrow!!! I could loose another set of buyers for my house....I am don't want to miss out buying this house...so just wondering if we can go straight to the lenders...

rchddap1

Be careful.

Issue 1: repossession....stays of execution can be got, but this in itself won't solve your problem. In fact it could complicate things

Issue 2: the ex and the child charge. "The current owner" won't be able to sell the house, even if he gets a stay of repossession, because the ex will prevent it. Suspect the ex will use this rather effective battering ram to get what she wants. She knows that he needs to sell the house, or face a repossesion. He's obviously desperate to sell, but she won't allow it until it gets her what she wants. This either means he does an impression of a nodding dog....or it goes to court.

Issue 3: Going to the lenders. Until the house is repossessed going to the lenders won't help.

wood1e

Thanks for all that...and yes it is an effective nuclear battering ram....BUt surely she will get nothing if she allows it to be re-possessed? ie not allow the charge to be lifted. So it is in her interest to let the sale go through. And have the monies placed in an escrow account...as he wants. then sort out the finance.

Plus if the charge stops the selling of the house, how will the mortgage company get rid if they do take possession?