Joint Mortgage Sole Ownership with family

AndrewXX

Beware of joint mortgages with family members!  Make sure you are protected and have a legally binding exit plan should there be changes in personality/circumstances. I didn't.

I agreed to a joint mortgage with my 28 year old son who I trusted at the time. He had a 50% deposit (with family help and after an accident payout) and he is sole owner occupier. The intention of my involvement was to keep the monthly payments as low as possible so he could easily make the repayments each month. However, having his own place has changed him.. Almost immediately he started spending recklesssly, got himself in loads of debt and I now belief is now in the grip of alcohol and drug addiction. He says he still has a job but I don't believe him. He has a new girlfriend and has prioritised paying her debts at the expense of his mortgage.  He now refuses to communicate with  me. I only recently discovered the mortgage was 4 months in arrears and my credit rating has plummeted. I paid the arrears and have continued to pay the monthly contractual repayment.  Do I have any options -  am I destined to keep paying the mortgage (getting no financial benefit for myself) and thereby enabling him to spend any cash he has on drugs? I am worried for his health but fear that if I keep paying his health will worsen. I know he will not voluntarily sell the flat. I'm worried sick. Any advice? A change in my circumstances means I will probably have to leave my job to care for my disabled mother and ironically my son will have a bigger income than me even if he is on benefits or a student grant.i would hate to default on the mortgage but feel that I'm being robbed on a monthly basis by someone I love who has changed so unbelievably.

csgohan4

saving this thread for those who want to buy with family.

Money and family shouldn't mix 

However you can force a sail, not going to be cheap but is an option if mediation fails.