Help - can't get off mortgage

PalominoStar

Resolved thanks.

HappyMJ

A mortgage is a 25 year contract to make payments you can't get out of that contract easily. Your partner will either have to make the contracted payments or sell the asset the mortgage is secured against...i.e the house.

It's not serious legal trouble...the bank just want their money. All he has to do is get the money to the bank by whatever means.

He will still be on the deeds so he can force a sale if he wanted to.

It's a fairly simple matter and hopefully the house has enough value in it to cover the outstanding mortgage, arrears and fees.

PalominoStar

Thank you so much for your reply! As far as we can tell the house is in negative equity (it was an overpriced new build!). So I'm not sure if selling would put us in a better position financially?!

Thrugelmir

Are you intending to return to the UK?

HappyMJ

PalominoStar wrote: »

Thank you so much for your reply! As far as we can tell the house is in negative equity (it was an overpriced new build!). So I'm not sure if selling would put us in a better position financially?!

He'll be equally liable for the shortfall so selling up now and realising the loss and sorting that shortfall out although you will have a debt will put you in a better position financially in the long term. If the ex still continues to refuse to make payments it take can quite a long time to repossess and force a sale and all those costs will be passed on to your partner.

They'll chase whoever has money...if the ex has none and your partner does the whole shortfall will be payable by your partner.

You can hide from the debt but the mortgage company has 12 years to chase a mortgage shortfall rather than the traditional 6 that a normal creditor has in which to enforce a judgement. It's a long time to hide.