Mortgage Nightmare

October_2

Hello!

I recently split up with my partner and moved out of our home. The mortgage is in both our names and I have been paying the mortgage for the last 3 months. Now, my ex can not afford the mortgage on her own nor will she agree to sell the property. Also, the mortgage company will not take my name off the property.

What other option do I have here other than stop paying? Any help or suggestions would be greatly appreciated.

UK007BullDog

You as well as she are 100% responsible for the payment of the mortgage.

If you have Buildings & Contents or just Contents insurance maybe you have legal cover with it? If yes you can use this to fund a solicitor and force her to sell.

If you do not pay then this will happen:

1. Your credit record will take an absolute hammering and if you want to buy your own place later your credit record will be damaged for the next 6 years. Which means any future mortgage will have higher rates as you will have to go sub-prime. The same goes for her.

2. The bank will repossess the property and if there is any equity in the property it will be split 50/50. The risk is that the property could sell for less its value and the mortgage. If this happens you both still owe the bank some money.

What is her income?
Your income? before tax.

Mortgage amount and property value? When did you buy the property? What type of mortgage have you got? Are you still tied in?

If you can answer that we may be able to give more info to you.

HeadInSand_2

You've got to bear in mind the welfare of your kids too, does she have custody? If so you'll need to pay maintenance anyway, would that be near your share of the mortgage?

UK007BullDog

Kids, what kids?

UK007BullDog

OK, saw it now.

So you are splitting from your wife and no longer want to pay for the mortgage.

You are still responsible for your kids until they are 18 years old. One of your kids is disabled and you want to take their home away from them.

You will have to pay maintenance so you can keep on paying the mortgage and take that off your maintenance. However I am not a divorce solicitor so you will have sort that out with your solicitor if you cannot get to an amicable solution with your wife.

Gorgeous_George

October wrote: »

Hello!

I recently split up with my partner and moved out of our home. The mortgage is in both our names and I have been paying the mortgage for the last 3 months. Now, my ex can not afford the mortgage on her own nor will she agree to sell the property. Also, the mortgage company will not take my name off the property.

What other option do I have here other than stop paying? Any help or suggestions would be greatly appreciated.

You should not have moved out of your home. You cannot walk away from your responsibilities.

Stop paying and the home will be repossessed and sold. She needs to see sense and allow the property to be sold without the reposession. Speak to a solicitor.

GG