Complicated Mortgage situation.

Grimpeeper666

I hope someone can make sense of this and possibly help.

about 4 years ago I got divorced. My ex wife kicked me out of our home, and still lives in our home. She has re-married, but refuses to get my name off of the mortgage "at her cost" She has tried to remortgage, but they won't give her a decent deal, and wants me to cough up some of the money towards it each month. I have advised that I don't mind helping out with an initial payment, but I can't afford a monthly payment at this time.

Now, if it got scrappy and ended up with solicitors, I don't know where I would stand, other than in debt and this is where I need help.

She claims that because she paid off our IVA (its not my fault the IVA people said I didn't earn enough money to pay the IVA!) and the joint loan (That was secured against the house, I believe this is called a second mortgage?) And that she now has the joint loan in her name, that she would win and I would be liable.

All I want is my name off of the mortgage, no mess or fuss. I want to be amicable but I also just want it sorted. Its been 3 1/2 years since I lived in that house. And I want to buy my own, my parents are willing to help me with a deposit!

Any ideas anyone?

Cheers

Thrugelmir

Do you have children ?

Is there equity in the property if sold?

Grimpeeper666

No children. Equity I am not sure, She had it valued at £135k, mortgage is about £120k. She doesn't want to sell it as she's put a lot of money and time into the house, and I don't want to go down the route of forcing her to sell if I can. The current lender offered her a stupid figure to remortgage that was utterly unaffordable!

It complicates matters further that she is in her early 50s, her husband earns very little but is in his late 20s, I am in my mid 30s... age makes no difference except the divorce.

Despite her paying off debts, am I right in thinking if it went to a solicitors and a court, I would get 50% straight out of the "profits" of the house? Despite her putting the 2nd mortgage "Secured loan" in her name as an unsecured loan?

Thrugelmir

Grimpeeper666 wrote: »

Despite her paying off debts, am I right in thinking if it went to a solicitors and a court, I would get 50% straight out of the "profits" of the house? Despite her putting the 2nd mortgage "Secured loan" in her name as an unsecured loan?

You could spend a five figure sum in legal fees to resolve the matter. Given the small amount of equity that could easily be wiped out.

Difficult one to find a solution too. Unless all parties come to an amicable arrangement between themselves.

How much longer does the mortgage have to run? As one day it will need to be repaid. Selling the property seems the only way.

She has tried to remortgage, but they won't give her a decent dea

That's her age. I'm guessing the mortgage is currently interest only.

If she's remarried. Then why should you contribute to the mortgage?

Grimpeeper666

Exactly as I thought, but need to find "legal" before anything else. I am *JUST* earning above the legal aid limit so I can't get help to pay for it! !!!!!!!