strick206
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Registered: 12th Apr 07
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Strange One,
Basically we have a family situation where one of my relatives has got a cheating scum of the earth money grabbing ex girlfriend.
They have a young son, which is not her priority but for this we will ignore the lad.
They have a joint house, which is quite high on the mortgage, she has moved out to be with her other fella, and left my uncle with the mortgage.
It is a 50/50 ownership and no value in the house by a sale (is up for sale, isn't selling) and she is refusing to pay any part of the mortgage payments leaving him with 1200 a month to run the house, whilst she is obviously getting the value of it.
Now he is worried about his credit rating, will want to get another place in the future, and can make the payments but it isn't easy at the moment. I want him to give the house back, and rent my house cheap for a year or two until he gets back on his feet, that way she will be away from everything.
Is giving the house back the same as a repossession in terms of not being able to make payments?
Sorry if this is confusing but hopefully you will get the jist of it
Strick
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Neil
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Would the mortgage company not sell the house cheap (auction or the like) and want the rest of the value of the mortgage from your uncle?
They're not just going to take the house and say you're free to go.. they'll want the money value of the mortgage, so he'd be liable for any shortfalls / penalties at a guess..
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John
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Registered: 30th Jun 03
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Easier to drop the price and sell yourself.
Causes problems for a few years if it's repossessed.
As Neil says, they'll chase for any monies not covered by the sale, this will affect her equally though.
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AndyKent
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Don't think you can force a bank to repossess.
Even if you did they sell at rock bottom price and the dude would lose a massive amount of equity.
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Chris
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has he looked at renting it out, move to buy to let.
If it gets repoed bad credit score, while she is high n dry.
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strick206
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Registered: 12th Apr 07
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quote:
Originally posted by Chris
has he looked at renting it out, move to buy to let.
If it gets repoed bad credit score, while she is high n dry.
She is on the mortgage 50/50, so it will fuck her up as well
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strick206
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quote:
Originally posted by John
Easier to drop the price and sell yourself.
Easier said than done when she has the same say as him and doesnt want to reduce it
That's why we are considering the option of repossession
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strick206
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quote:
Originally posted by AndyKent
Don't think you can force a bank to repossess.
Even if you did they sell at rock bottom price and the dude would lose a massive amount of equity.
That was my question really, thanks mate
The problem we have is trying to protect him, she is fucked anyway, her job is not safe, she earns a very small amount, my uncle earns quite a lot of money 40-50k and would be able to save for a deposit again, she wouldnt, but we just want to try and get her off the mortgage because at the minute she is winning all ways
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Neil
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Registered: 2nd Nov 03
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Maybe ask a mortgage advisor about getting her off the mortgage as she's not paying her share anymore?? Not sure how you'd prove she's not or anything, but got to be worth asking somebody..
[Edited on 03-07-2011 by NeilM]
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strick206
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quote:
Originally posted by NeilM
Maybe ask a mortgage advisor about getting her off the mortgage as she's no paying her share anymore??
I'm looking into this now, my friend is a solicitor and we are chasing every possibility, if we could get her to agree to that we could remortgage it and he'd be fine.
Unfortunately she knows that will leave her with nothing and is claiming she wants 20k to do so, when there is not a penny in the house she's not getting anything
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Russ
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Registered: 14th Mar 04
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Giving it back is possible. It will however fuck him/her over. The mortgage conpany will sell it for a reasonable amount (not as cheap as they can) then they will have to pay an equal amount of the shortfall, the mortgage conpany _in theory_ split this debt so each is only responsible for their half, the benefit being, if your uncle is in a position to offer a lump sum, they may be willing to settle his half for a wedge.
If you sell it for less than the mortgage, the same thing applies
[Edited on 03-07-2011 by Russ]
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John
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Mortgage company won't split the debt, they are each liable.
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strick206
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quote:
Originally posted by John
Mortgage company won't split the debt, they are each liable.
That's the problem, she won't pay any, if he only pays half he still gets in the shit because another 25% worth they chase him for. He cant win in this situation and she gets everything
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Russ
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quote:
Originally posted by John
Mortgage company won't split the debt, they are each liable.
Some do. or did
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Dan
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Registered: 22nd Apr 02
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Surely the best option is have the house valued by a few places, take an average. If it means there is equity, give her half.
If not get your solicitor writing to her telling her so, and that she is no longer making payments, she either needs to start making them, or she needs to remove herself from the mortgage. then if she doesn't take it seriously take legal action via courts etc
Adult GiftsClick here to vist us
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Gary
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Registered: 22nd Nov 06
Location: West Yorkshire
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Convince her to buy the other half off him?
If not, pretty good chance his credit will be fucked after so may as well just go bankrupt and fuck her over
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RichR
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Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
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Whilst the circumstances weren't identical, I had the same scenario of being left with a house that I was paying for whilst She swanned off with someone else.
The best and IMO, only course of action is to go and see the mortgage providers. Her name needs to be removed from the title deeds and any money She would be due will need to be settled to do so but I found my Mortgage providers were very sympathetic and helpful. They helped to organise anything and sorted financial planning assistance and looked at a new mortgage arrnagement for me which best suited my needs. They didn't charge me an admin or early settlement charge as I was staying with them but as it worked out, I kept my 22 year term and reduced my payments.
Get in to see the Mortgage providers ASAP
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RichR
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Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
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Its not as easy as saying "remove her from the mortgage", There's significantly more to it than that but the Mortgage Providers are best placed to advise.
Your Uncle will have an estimate in mind about what the house is worth and what its not so He'll know the equity levels. He needs to start the process as soon as possible so that there are official documents detailing when She moved out; that way in the event of court action or her dragging her feet, they'll account for the difference in equity owned between now and the point of sale or transference.
Mine rolled on for 6 months, I paid everything for those 6months, which pretty much meant that after fees and what She would have owed me to make things level, She was due nothing but owed nothing either. Her name was rmeoved from the Mortgage a month.
In the eyes of the law, She's still liable for the mortgage which is a legal contract between both her AND your Uncle and the Mortgage Providers.
Tell him to get the ball rolling quickly though.
The only other issue is that they may insist on a LTV ratio if your Uncle is the sole provider, Mine was 85% which I qualified for already but He may need to make an equity payment.
Its so complicated that ultimately it may be worth cutting his losses now, selling up and downsizing/moving in with family if He now only has himself and his son to look after.
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strick206
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Registered: 12th Apr 07
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quote:
Originally posted by Dan
Surely the best option is have the house valued by a few places, take an average. If it means there is equity, give her half.
There is no equity, it is valued too high to try and get some equity on her wishes, it won't sell unless a pissed up paul gascoine comes with a fishing rod, some chicken and a blacket, and a big wedge of cash.
No chance it will sell
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strick206
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quote:
Originally posted by Gary
Convince her to buy the other half off him?
If not, pretty good chance his credit will be fucked after so may as well just go bankrupt and fuck her over
Impossible, she hasn't got a pot to piss in, he earns easily double her and she has debts herself
There is also nothing to "buy", no equity in the house so it's just a case of taking someone off the mortgage, hopefully her. But she won't agree to that without a pay off of £20k, farcical figure that she has no claim or rights to
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strick206
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Registered: 12th Apr 07
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quote:
Originally posted by LiVe LeE
Whilst the circumstances weren't identical, I had the same scenario of being left with a house that I was paying for whilst She swanned off with someone else.
The best and IMO, only course of action is to go and see the mortgage providers. Her name needs to be removed from the title deeds and any money She would be due will need to be settled to do so but I found my Mortgage providers were very sympathetic and helpful. They helped to organise anything and sorted financial planning assistance and looked at a new mortgage arrnagement for me which best suited my needs. They didn't charge me an admin or early settlement charge as I was staying with them but as it worked out, I kept my 22 year term and reduced my payments.
Get in to see the Mortgage providers ASAP
I will have a word with my auntie tomorrow because there have been discussions with the mortgage company but i don't know what.
TBH, if we could get her off the mortgage i very much doubt we would chase her for the 9 months of non-payment of bills and contributions towards the joint mortgage and loan.
My uncle would take over the loan on his own and hopefully remortgage to make it easier for him.
Once she is off the mortgage all will get messy with the young son but at the minute she thinks she is ok. The thing with the son is he refuses to go and see his mum, says she is not his mummy anymore because she left his dad.
He's a proper daddies boy and its even more funny that she spent 6 weeks talking to the young son behind my uncles back saying we will be moving out soon, away from daddy, trying to brainwash him, and he still said no, we won't say a word like that because we aren't like that.
She basically wants 20k and nothing else, or wants to have the lad on 4 days a week all to her liking
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chloe16v
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Registered: 29th Nov 07
Location: Rotherham
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why hasnt she took the lad with her? maybe seeing someone else behind her fellas back wasnt the brightest thing to do but no mother in their right mind would leave a child behind to be with someone else, the stupid selfish cow, i hope he fucks her over big time!
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Russ
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quote:
Originally posted by chloe16v
why hasnt she took the lad with her? maybe seeing someone else behind her fellas back wasnt the brightest thing to do but no mother in their right mind would leave a child behind to be with someone else, the stupid selfish cow, i hope he fucks her over big time!
Surely it's the kids choice who he wants to stay with..
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chloe16v
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Location: Rotherham
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quote:
Originally posted by Russ
quote:
Originally posted by chloe16v
why hasnt she took the lad with her? maybe seeing someone else behind her fellas back wasnt the brightest thing to do but no mother in their right mind would leave a child behind to be with someone else, the stupid selfish cow, i hope he fucks her over big time!
Surely it's the kids choice who he wants to stay with..
not until they are 16 it isnt  i would never leave my kids behind
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Russ
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What if the kids wanted to stay with the dad? Selfish to take them if they'd rather be with their dad
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