My friend is in deep trouble!!

Benefits_Blagger

ok, where shall I start with this, i guess this is a story of stupidity, on his part and on that of the way the housing market has gone and lenders who have lent unwisely.

in march 2004 my friend bought a 3 bed house with his partner for £30k, both of them were quite heavily in debt before buying this house. Their combined credit card debts were larger than the mortgage! yet they managed to secure a mortgage on the property without a deposit, in fact it was a 125% mortgage (no prizes for guessing which bank gave them the money despite their already troublesome finances, yes northern rock!).

anyway, the housing boom had yet to really hit this part of the country, but after buying the house it did, topping out last year at £90k. my friend let slip once that their total monthly take home pay, just about covered the outgoings on debt. so i knew they were pretty screwed but my friend refused to open up any more to me. I found out this later that this was because his partner objected to me "interfering"

then 2 years ago, they split up amicably at the instigation of his partner, but continued to live together as friends and for the sake of the house. then last year my friend turned up on my doorstep. his partner had turned nasty, started beating him up amongst other things, my friend decided to move out. I advised him to put things in motion to sell up the house and spilt the money with his ex.

my friend then told me, they would need to sort out the remortgage on the property first, "what remortgage, when did you do this" i asked, my friend replied his ex had "sorted it out" just before they split !!

i realised immediatly what had happened and im sure most of you will, i asked him to fetch the documents for the remortgage, the house had been valued at £70-£75k and the remortgage was for £67k. i asked where is the money ? "what money" he replied. I then explained that since the house had been remortgaged for a higher value than it was origanly then the difference in money should be about somewhere. It turns out the money was paid to his ex's bank account and my friend has never seen a penny of it.

now fast-forwarding to the present, my friend is trying to get his ex to agree to a sale, but the ex is using every trick in the book to prevent it happening.

now it turns out his ex has abandoned the house, agreed to a sale and then at the very last minute pulled out of the sale causing much distress to the young family who were due to move in.

now my friends ex i gather is in very dire financial starights, credit card debts in the £10,000's, had debts from when he had a house in the past which was repossed when in negative equity and is under an IVA agreement.

my friends ex, has now moved to brighton, he is not well educated without trying to sound snobby, so is not in the highest of wage brackets. yet somehow last month he managed to pay accomodation expenses in brighton, pay the mortgage on the house which is £600 PCM and clear off the £400 arrears.

it doesnt take a genius to realise his ex has managed to obtain money from somewhere else. my fear is that the ex has managed to steal more equity from the house, since it went to £90k since the remortgage. is there anything my friend can do find out if he has done this ? and is there anyway my friend could try and get back the money which has been stolen/conned from him on the earlier remortgage ?

maninthestreet

Surely your friend was a co-signatory to the original mortgage?

Spamreported

i would urge him to report the fraud to the police firstly asking for the mortgage company to send copies of the remortgage app

neas

Is this made up? You have inconsistencies within your post. Such as i can't tell if your friend is a he or a she?

You refer to the ex and a he and the friend as a he,..

kazwookie

Must say I als ogot confused half way.

I agree, report to police for fraud, and ask for copies of the application form

emmy05

neas wrote: »

Is this made up? You have inconsistencies within your post. Such as i can't tell if your friend is a he or a she?

You refer to the ex and a he and the friend as a he,..

what difference is that?, some ppl get into these re-mortgages without really knowing what theyre for, are you sure he didnt sign his name on anything he really didnt have a clue about?

neas

Benefits_Blagger wrote: »

ok, where shall I start with this, i guess this is a story of stupidity, on his part and on that of the way the housing market has gone and lenders who have lent unwisely.

Seems made up to troll imo, and im pro HPC.

I found out this later that this was because his partner objected to me "interfering"

my friend replied his ex had "sorted it out" just before they split !!

asked him to fetch the documents for the remortgage

now it turns out his ex has abandoned the house

Friend is a guy and Ex is also a guy?

now my friends ex i gather is in very dire financial starights, credit card debts in the £10,000's, had debts from when he had a house in

my friends ex, has now moved to brighton, he is not well educated without trying to sound snobby, so is not in the highest of wage brackets

Seems like troll bait to me.... Seems rushed and poorly finished unless this a gay couple we are dealing with... numerous times he used... no she used at all.

Giraffeseeker

I assumed it was a gay couple. Doesn't mean it's not genuine though?

peterc2609

Is it just me? Or did I realise that it was a gay couple right from the start??

pickles110564

Made up story, BB up to his tricks again.

Lavendyr

neas wrote: »

Is this made up? You have inconsistencies within your post. Such as i can't tell if your friend is a he or a she?

You refer to the ex and a he and the friend as a he,..

Er, gay couple perhaps? Just a hunch...

OP I can't offer any advice I'm afraid but my sympathies are with your friend, it sounds like a rotten situation