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Running out of equity !
mi55_bee
Posts: 10 Forumite
Hi all
Just wondered if anyone has experienced what my husband is going through with his ex-wife at the moment ?
My husband and his ex-wife still have a property together. It's a shared ownership home so 50:50 rent & mortgage. The ex-wife has not paid the rent since 2010 and the housing association periodically send a demand to the mortgage company for the arrears which they pay up. Since 2010, over £14k has been added to the mortgage in rent arrears and court costs. They are currently in mediation trying to get to a financial settlement but she has so many other financial charges on the property she will only walk away with £4k based on a 50:50 split of the remaining equity if the house is sold. There are matrimonial debts which both my husband and his ex are paying 50:50 but she has financial charges for utility bills and 2 other loans which she has not paid, so hence her "pot of cash" at the end is a lot less. Their son lives with us and has done for the last 6 years. She has not had to pay child maintenance either; my husband only put in a claim last year. The ex-wife goes on at least 4 holidays a year and hardly sees her son. She is not hard up, she has now moved in with her future husband and is renting out the house to her older son (not my husband's son). The rent arrears are currently £1,000! Can my husband stop these rent arrears being added to the mortgage ? We doubt that she will agree to the financial settlement in mediation as she wants to walk away with £15k to invest in a property abroad (her future husband is loaded !). So, can my husband realistically stop further rent arrears and financial charges being added to the mortgage ?
Any advice will be gratefully received.
Thanks in advance
Just wondered if anyone has experienced what my husband is going through with his ex-wife at the moment ?
My husband and his ex-wife still have a property together. It's a shared ownership home so 50:50 rent & mortgage. The ex-wife has not paid the rent since 2010 and the housing association periodically send a demand to the mortgage company for the arrears which they pay up. Since 2010, over £14k has been added to the mortgage in rent arrears and court costs. They are currently in mediation trying to get to a financial settlement but she has so many other financial charges on the property she will only walk away with £4k based on a 50:50 split of the remaining equity if the house is sold. There are matrimonial debts which both my husband and his ex are paying 50:50 but she has financial charges for utility bills and 2 other loans which she has not paid, so hence her "pot of cash" at the end is a lot less. Their son lives with us and has done for the last 6 years. She has not had to pay child maintenance either; my husband only put in a claim last year. The ex-wife goes on at least 4 holidays a year and hardly sees her son. She is not hard up, she has now moved in with her future husband and is renting out the house to her older son (not my husband's son). The rent arrears are currently £1,000! Can my husband stop these rent arrears being added to the mortgage ? We doubt that she will agree to the financial settlement in mediation as she wants to walk away with £15k to invest in a property abroad (her future husband is loaded !). So, can my husband realistically stop further rent arrears and financial charges being added to the mortgage ?
Any advice will be gratefully received.
Thanks in advance
0
Comments
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Have to say that I have not encountered this one previously. The most obvious courses of action have, I imagine, already been taken - ie husband to speak with mortgage lender and also to the housing association?0
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My husband has tried that already. Mortgage company said that they would only allow the rent arrears to be added on 3 occasions - its well over a dozen occasions now. Housing Association have not taken any different course of action as they just want the arrears paid0
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