Seperated With Mortgage And Secured Loan

Sunshine1993

Please help...

Me and my ex have a joint mortgage and secured loan (2nd mortgage) I'm looking to remortgage with my new partner and remain in my family home. Both our credit scores are around 500 on clear score, we have car finance, store cards, credit cards that have stacked up since all 4 of our young children are now living with us and we have had to fully kit them out and start from scratch with my partners two. The 2nd mortgage is a significant loan, just over 35k, how do I clear this and try to get my ex off of the mortgage and put my new partner on? We are struggling, we have 4 young children, car finance (20k) out of necessity as we needed a car big enough for all of us, we have a sofa and other appliances totalling about 6k and credit cards of about the same. Is it realistic to think we may be able to clear this all and leave enough for my ex to have some equity (15k) I feel completely stuck and don't know what to do first, i'm chipping away at the debt but barely over the minimum payments which I know with added interest this is barely scratching the surface. Anyone been in a similar situation that can shed some light on how I get through, I don't want to have to sell my house and my kids lose the house they grew up in.

Thank in advance,

A desperate mum.

sheenas

Depends on the divorce settlement, assuming there is one?

gwynlas

Yes first things first,

Married or not? Is ex father of your 2 children?

Presume current brought to children to your home?

Where are they in terms of divorce/financial settlement?

You need to complete a SOA as on Debt Free Wannabee forum.

Are you both working? Ages of children etc.

The more info you give the better more relevant advice will be.