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Divorve & Mortgage Advice
Charlie007_2
Posts: 20 Forumite
Hi,
Currently going through a divorce, decree absolute due in approx 5 weeks.
We still have a house to sell and our names are both on the mortgage. At present we are both living at our respective parents houses and obviously cannot move on with an existing house and mortgage hanging around our necks. I am currently paying the mortgage but I am struggling to keep this up and with my fixed rate due to end soon, this will push monthly payments up even more.
(I have been trying to be Mr Nice Guy up till now , but now feel the need to ask her for financial help)
Once the divorce is final my ex will revert back to her Maiden name and not the one she had when we took out the mortgage three years ago.
Is my ex liable under agreement with the mortgage lender to pay her share of the mortgage payments, even though she has divorced and changed her name etc?
Is she liable for any debt from the eventual sale of the property?
Likewise I would imagine, would she be liable for any profit from the sale?
How do mortgage companies look upon situations like this, is it standard policy across the board that whoever signed up the the original mortgage is equally liable, or do they all differ in their approach?
Any help or advice appreciated
Currently going through a divorce, decree absolute due in approx 5 weeks.
We still have a house to sell and our names are both on the mortgage. At present we are both living at our respective parents houses and obviously cannot move on with an existing house and mortgage hanging around our necks. I am currently paying the mortgage but I am struggling to keep this up and with my fixed rate due to end soon, this will push monthly payments up even more.
(I have been trying to be Mr Nice Guy up till now , but now feel the need to ask her for financial help)
Once the divorce is final my ex will revert back to her Maiden name and not the one she had when we took out the mortgage three years ago.
Is my ex liable under agreement with the mortgage lender to pay her share of the mortgage payments, even though she has divorced and changed her name etc?
Is she liable for any debt from the eventual sale of the property?
Likewise I would imagine, would she be liable for any profit from the sale?
How do mortgage companies look upon situations like this, is it standard policy across the board that whoever signed up the the original mortgage is equally liable, or do they all differ in their approach?
Any help or advice appreciated
:T Charlie007
0
Comments
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There are 10 types of people in this world. Those who understand binary and those that don't.0
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Sorry for being Dumb, but I take it that means we are both liable for any debt incurred (50/50). And likewise any profit!!
cheers:T Charlie0070 -
Sorry for being Dumb, but does this mean we are both equally liabel for any debt incurred (50/50). And likewise from any profit made.
cheers:T Charlie0070 -
No. You are both liable for all of thr debt. They will chase both of you until it is all paid but they may focus their attentions on the most likely payer.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
Thanks for that. It is likely that there will money owed of around £9k.
I thought I would be liable for all of it when the divorce is complete.
Now I know that she must pay half of it.
cheers:T Charlie0070 -
Not quite, if you refuse to pay, she is liable for all of it and visa versa!0
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You wont be able to sell unless you (both) come to some arrangement with the lender to settle any amount owed abovve the sale price.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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