Struggling to pay my mortgage alone - bank not interested! *Rant*

lmjohstone

Boredatwork - my dad lives 90 miles away, so not an option!

tiger eyes - I have told him repeatedly that if he doesn't help and the mortgage goes into arrears then it will affect both of our credit ratings but he just comes up with crap solutions (his sister moves into the house - she doesn't even have a job, we relist with a different estate agent, etc).

Jhoney - Thanks, I appreciate your advice but it is just not practical to share my house with a stranger. No kids involved by the way (thank god!)

I had a response to my email (probably because i just put "Urgent" as the title). He has agreed to reduce the price by 10k so fingers crossed it sells a bit quicker.

I have managed to borrow enough money to cover the next mortgage payment from a friend and I have started looking at things in the house that I can sell to make a bit of money, so hopefully there is light at the end of the tunnel!!

Goldiegirl

Looking at it from the lenders point of view, if a borrower is in difficulty, priority bills are allowed to be paid first. Priority bills are secured lending like the mortgage, the council tax, and the gas and electric. Therefore the essentials are paid


If you don't pay your mortgage you may get evicted. If you don't pay your council tax you could go to prison. If you don't pay your gas or electric you could get cut off. Bad things could happen if these aren't paid, so this is why they are priorities.


If you don't pay your credit card bill you might get a CCJ. Although not desirable it doesn't mean you lose the roof over your head or go to prison or get the utilities cut off. This is why unsecured debts aren't treated as a priority.


It might be your priority to pay the credit card, but the lender will not give priority to an unsecured debt over an secured debt.


I know you probably won't think this is helpful, but I just wanted to give perspective over what the important things are to pay when you are in this situation

Boredatwrork

As you are living alone now, call your council immediately and you should qualify in a reduced cost for your council tax (they may even back date it)

Also do a quick check of all your bills (gas electric water etc) any life insurance you can cancel?, As a single person you are probably living more economically (well in theory).

You may find you could probably shave off close to £100 on that alone.

Phil_H_MLIA(dip)_Cert_PFS

I have not read every single post above and obviously your mortgage payment should take a higher priority than a credit card BUT if you reduce payments to your card then will this be £1 paid OFF the debt over and above the minimum payment or will this be your TOTAL payment.
If the latter then this is very likely to be treated as a default on your account in time, and at very best as late payments - neither one will help when it comes to trying to gain any new mortgage.

Jhoney_2

Boredatwrork wrote: »

Move in with your dad, that will save you a bit on bills alone (if its practical and he is local of course). and one step further stick all your stuff in storage, and rent the house.

Under no circumstances do this ( I know it was well intended, but it's a can of worms waiting to happen)

1, As you live too far from your father, it will not be cheap or free
2. A TENANT (as that is what you will create by moving out) has significantly more rights e.g they could stop paying rent and there is a legal procedure that you must follow, which can take in excess of 6months if I am not mistaken. So in addition to all the other issues, would potentially delay any sale and the presentation is likely to be less than desired.

3. Should 2 above occur, you - as a LANDLORD - would still be liable to register their deposit in one of three recognised schemes ( which you must provide details to the tenant about within a certain period of the tenancy, gas safety checks,- search the forum as this is off the cuff and by no means all) , ensure the safety, general condition and repairs etc of the property which a TENANT may not agree to give you access for, causing initial/further damage and delay.

4.Do you have the time/inclination to be a LL?


It's your choice, but I would sooner go with an inconvenient lodger or 1 or 2 year fix in order to control control my own destiny/finances, than do what yje poster suggested. It's full of provisos, caveats and uncertainty.

Just my view.

Thrugelmir

lmjohstone wrote: »

My husband moved out of our house in November and left me to pay for everything myself, which wasn't a problem until our mortgage went up to nearly £1000 in April (and so the house went on the market).

The problem is you needed to address this sooner. If your separation is permanent then you and your ex should be thrashing out a financial settlement. The house should be on the market. Not your lenders responsibility to step in between warring ex partners and bail you out because things haven't worked out as you thought. Being pro-active in (I appreciate) difficult circumstances isn't easy but reality has to be faced and personal responsibilities accepted. .

Jhoney_2

Steady on Thrugelmir, as the one still at the mortgaged marital home trying to find their way through those difficult financial circumstances, I would say OP is trying to do exactly that!

Don't take it personally OP, Thrugelmir is a teddybear but ultimately a fervent pragmatist or perhaps the other way araound :-)

Thrugelmir

Jhoney wrote: »

Steady on Thrugelmir, as the one still at the mortgaged marital home trying to find their way through those difficult financial circumstances, I would say OP is trying to do exactly that!

Don't take it personally OP, Thrugelmir is a teddybear but ultimately a fervent pragmatist or perhaps the other way araound :-)

Merely responding to the title of the post and the obvious underlying tone.

Struggling to pay my mortgage alone - bank not interested! *Rant*

Floxxie

I would head over to the wikivorce site. As mentioned above, your house should be part of the financial settlement. What will happen at present is that you will pay the mortgage until it sells and then your husband will walk away with 50%.

Mummyto4kids

I've been in this situation with my exhusband and and our marital home which he forced me and our children out of. I rented while he paid the mortgage and lived there. Your ex can't charge rent for you using his half btw, but equally you can't say any payments aren't joint because you're both liable. I'm with thrugelmir - wikivorce is a fab site they helped me sort my own divorce, the house was signed over to me so I rented it out, waited three years and made some profit and sold it last year.

The important thing here is that you have to have a separation of finances by way of a court order if you're getting divorced because without one the sale proceeds are split 50/50 and either of you could come back and claim future assets from the other.

Some solicitors do a free half hour advice session - worth seeing one - lots of luck