Help: Mortgage, Loan, husband just left, 6mths pregnant!

irish1973

Hi everyone

I'm new to this and I've decided to write on here for some advice/help on my absoutely dire situation:

In a nutshell, my husband left me this week, I'm almost 6 months pregnant with our 1st child, we bought our house in Sep 07 (4mths ago) and we've got a secured loan on the house.
The problem lies here, the mortgage is £236000, the loan is £74000, so the house would need to sell for £310000 to pay off everything. The house went on the market yesterday for £237,500 and it is highly this will be achieved due to property market slump, etc. it would take a miracle!

I spoke with the loan company and they suggested that my husband and I could look to take out 2 seperate unsecured loans to pay off the £74000 secured on the house, however we would need to borrow £37000 each and this isn't possible, with an unsecured loan the maximum borrowing is £25000 and now lenders are reluctant to lend full amounts. The situation is totally dire and looks hopeless right now. I really just want to try to sort these debts out, get rid of the house and start over finding a home for me and my baby who is due in May. I don't want to consider going bankrupt because I can manage my finances pretty well, I have a well paid job and I don't have credit problems, in fact our credit rating and scare is pretty good, but despite that, I think I'm facing major problems in this situation. I cannot go to any family or friends for financial assistance, its just me now.

Any help or advice that you can offer would be greatly appreciated.

Many Thanks
Caroline

lauradora

Well you've come to the right place! i personally cant advise you on that level of debt but there's plenty here who will;. But don't forget first things first, look after yourself on that baby! Getting stressed out won't do you any good!

If you can't talk to friends and family were here for you xxx

SarahNeedle1872

I echo what Laura said about thinking about the baby, try not to get too stressed about it....
U need to get in contact with the CAB really, as if the mortgage and sec loan are in both names, he has a responsibilty to help pay them - obviously we don't know the circ why he left etc, but u defo need to get some legal advice as well as help with the debts..... Also try CCCS, nationaldebtline and PayPlan (the FREE ones) I'm not usre they'd be able to offer u legal advice, but I would suggest ur not the first person who's found themselves in this situation!

HTH

Sarah x

gollygosh

Well I'm not to hot on this stuff, but if you manage to sell the house for the price you want then the mortgage would be cleared.
Then the only way i can see you moving forwards is into rented accommodation and pay off you're half of the loan. (assuming husband agrees to pay his half)
bet the loan company will let you change it over to unsecured rather than you declare bankrupt on them!
Or would he take over the whole lot and let you worry about bringing up the baby with little financial support from him?
The experts will be along shortly so don't despair.

locutus2003

Hi there

I'm so sorry - what a dreadful time you're having.

I can't advise you on the loan and mortgage I'm afraid but I'm sure the good people on here will be along soon with some good advice.

Very easy for me to say but please try not to worry - there will be a way around this - we just need to come up with it. In the meantime, your health and that of your baby's is the most important.

What was teh £74k loan for? Was it for anything you can sell?

Have some (((((((((hugs))))))))) to be going along with in the meantime.

HairyHandofDartmoor

What a horrible time you are having! I would contact the CAB and see where you stand on the loan and mortgage and possibly the Consumer Credit Counselling Service as well.

There is no reason why you should have to go bankrupt if you don't want to. With a baby on the way, your horrid husband will have to give you some financial help (unless he is unemployed?).

Try not to worry too much for your baby's sake (easier to say than do I know). You will get lots of advice and support on here, so I am very glad that you have found us.

RoxieW

With the £74K loan being so recent what was it used for? Is there any left? Can you sell anything to pay some off?

I feel for you hon - I have a friend who recently divorced and the money side of things was a nightmare to sort out. She got there in the end though and now is better off financially then she was before - with alot less stress! Also, before you go down drastic routes - is it defianatly something that cant worked out between you and OH? You've just bought a new house and have a baby on the way - is it a case of stress/cold feet that could be worked out?

Good luck

tyllwyd

Have you factored in estate agents fees and legal fees etc for selling the house - are you sure you can afford to sell right now?

Are the secured loan people happy for you to sell the house? To be honest, I'm amazed you were able to get a loan that took you so far into negative equity. Is there a danger of them blocking the sale, or charging you a huge fee on top of the existing loan?

I think you need to need to get advice asap from CAB or someone like that before you commit to anything, because the wrong decisions now could have a huge effect later.