Forged homeowner loan

Emmia

At what point will the loan +interest + charges exceed the amount of equity you/your ex has in the property? 

I'm wondering if you actually need to sell up (which your ex may need to agree to), settle the loan out of your ex husband's share, and move on? 

Annisele

Have you finalised your divorce from your ex husband - including the financials?

If you and your ex still jointly own your house, I can see why the lender won't remove the charge. The lender might have agreed that you don't have to pay, but your ex does. If your ex doesn't have any other money, then ultimately the lender is going to want its money out of his share of the house.

Plus, if you want to sell the loan isn't your only problem. I think it's highly unlikely that you'd be able to sell a jointly owned house without the permission of the joint owner - so you'd need to sort that out regardless of the loan.

tobysmith

We divorced about 8 years ago and I know I will probably have to legally force him to sell as he is a not a nice person and will more than likely refuse to sell.  I cannot sell and move as I cannot get another mortgage due to my effected credit file, due to the loan on the house.  I really wish I could move, sell and move on with my life.  The loan amount owed will take over the house value eventually.   

Emmia

tobysmith said:

We divorced about 8 years ago and I know I will probably have to legally force him to sell as he is a not a nice person and will more than likely refuse to sell.  I cannot sell and move as I cannot get another mortgage due to my effected credit file, due to the loan on the house.  I really wish I could move, sell and move on with my life.  The loan amount owed will take over the house value eventually.   

If it's a joint mortgage you'll wind up responsible for the shortfall - your ex refuses to pay, so the bank will come after you.

Personally even if it meant moving to rented accommodation I'd look to sell whilst some equity remains in the property - rather than carrying on, and ending up owing the bank thousands.

tobysmith

The mortgage co have said I am not responsible for the loan and it will only be taken out of his portion if I sold (I have this in writing). Unfortunately I cannot afford to rent as I have twin boys and only work part time around school hours. The difference in the mortgage only payments against monthly rents payments is out of my budget, and again I have a bad credit file, Sorry to sound so negative 

firsttimesellerldn

Have you used the banks internal complaints procedure? It shouldn't be taking them this long to sort out the issue. I don't know if you've looked into complaining to the Financial Ombudsman Service as well? Like all these things, the more you kick up a fuss and make it in their interests to resolve it the better. 

tobysmith

Yes I have used both the mortgage co internal complaints numerous times and I tried the financial ombudsman, unfortunately both had same results nothing can be done and loan will not be taken off the house.