What happens to the mortgage if you get divorced?

Adviceneeded15

My husband has left me.

We have a joint mortgage currently and I am up to my eyeballs in debt.

My first thought was to sell the home then pay off the mortgage and use equity towards the debt. Local rent prices are £2-300 more than my mortgage payments.

I can't remortgage on my own as I don't earn enough and have a lot of debt.

My husband said he is happy for me to sell, pay the mortgage, pay our joint loan off and the credit cards. That leaves me with just one loan in my name.

Do we have to wait for divorce proceedings to do this or can just go ahead?

Apologies if on the wrong board.

betmunch

Sorry to hear about your situation.


Nothing happens to the mortgage when people get divorced.


However, peoples attitude towards the house and/or mortgage do change.


You can leave things as they are and carry on, or you can sell up (assuming you both agree) and take your agreed share of the equity.


Its up to you both to come to an agreement, but the mortgage lender will still expect paying and wont care which of you send them the money.

Adviceneeded15

I think he'll agree to anything to get this over and done with. I just wasn't sure if we had to wait til the divorce goes through or not.

WYSPECIAL

If it is cheaper to pay the mortgage than rent stay there and keep paying it as a priority.

Have you spoken to your other creditors and tried to come to arrangements with them?

Are there children involved?

I'm sure your ex would love the house sold and all the joint debts repaid!

HappyMJ

Adviceneeded15 wrote: »

My husband has left me.

We have a joint mortgage currently and I am up to my eyeballs in debt.

My first thought was to sell the home then pay off the mortgage and use equity towards the debt. Local rent prices are £2-300 more than my mortgage payments.

I can't remortgage on my own as I don't earn enough and have a lot of debt.

My husband said he is happy for me to sell, pay the mortgage, pay our joint loan off and the credit cards. That leaves me with just one loan in my name.

Do we have to wait for divorce proceedings to do this or can just go ahead?

Apologies if on the wrong board.

You don't have to sell and you don't have to remortgage however it won't be a clean break.

You can continue to make all the mortgage repayments but your soon to be official ex will be entitled to half the equity when the time comes to sell so don't overpay anything. Pay only the minimum requested each month and use the remainder of your income to pay for your personal debts and once they've been paid save the rest until you can buy him out. Your ex should still pay towards the joint debts each month but really it depends on what those joint debts were taken out for. For example if one of the loans was to buy a car and you have the car then it's fair you pay for that one.

caprikid1

"If it is cheaper to pay the mortgage than rent stay there and keep paying it as a priority."


We have to note that there is considerable debt, I suspect she cannot afford the debt and the mortgage.


Mortgage + Debt repayments + Maintenance of property may by far exceed a rent payment.

Thrugelmir

Seek professional legal advice from a family lawyer.

Consult StepChange or NationalDebt Line with regards to how you deal with your debts.

Pay the mortgage before your debts.

bobbyreyes523

I would suggest you to take help from a professional financial advisor who can guide you regarding mortgage after divorce.

WYSPECIAL

HappyMJ wrote: »

You don't have to sell and you don't have to remortgage however it won't be a clean break.

You can continue to make all the mortgage repayments but your soon to be official ex will be entitled to half the equity when the time comes to sell so don't overpay anything. Pay only the minimum requested each month and use the remainder of your income to pay for your personal debts and once they've been paid save the rest until you can buy him out. .

That may not be the case. We don't know the details of the couple so it is hard to predict that the matrimonial pot will be split 50/50. Like you say no point increasing the value of a joint asset though.

Thrugelmir

[QUOTE=WYSPECIAL;69071471_Like_you_say_no_point_increasing_the_value_of_a_joint_asset_though.[/QUOTE]

Not paying the mortgage in full will be detrimental to an individuals credit history.

Adviceneeded15

I have seen a solicitor who advised me to start the ball rolling and to divorce him although it's his decision. She must think I have spare money hanging off my money tree. He wants to wait 2 years. He said he is happy for us to stay in the house but he won't be able to contribute to the mortgage - I am happy to pay that myself. He will have to continue to pay towards the joint loan though as I can't afford that as well. When we were together my wage paid the mortgage, bills and debts. We lived off his wage. That is why I can no longer afford to pay the debts. I have contacted StepChange and they have advised either a IVA or a DMP which I have started a new thread about.

This sucks. I will never marry another man and I will certainly never get credit again, not that I think I will ever be able to