Any of you guys had experience of this…
Story goes like this,
I split from my ex 5 years ago after a long illness took its toll and she stayed in the house,
She pays the mortgage with her new fella but now wants out and to sell it.
I reckon it’s about £8-10 grand in negative due to bad decision making at the time of purchase.
But she says she won’t pay anything towards the shortfall or to estate agents fees and says she is stopping paying the mortgage altogether now.
Also says if the house gets reposed she will declare herself bankrupt.
I’m not prepared to pay any mortgage payments while she still lives there and my credit rating is poor anyway due to loss of earning during my illness so I’m wondering if it may be worth just letting the house get taken.
I’m seeing a solicitor on Monday buy any advice guys would be appreciated.
Is the mortgage still in both your names? If so how bothered are you about a bad credit rating? If it was me and the house was in negatative equity I’d simply walk away and take the problems that’d cause rather than pour money down a black hole to try to keep the house.
However, you really do need professional advice rather than well meaning but possibly wrong advice from a bunch of hairy assed lorry drivers (apologies to any female responders to this thread 
)
the maoster:
Is the mortgage still in both your names? If so how bothered are you about a bad credit rating? If it was me and the house was in negatative equity I’d simply walk away and take the problems that’d cause rather than pour money down a black hole to try to keep the house.However, you really do need professional advice rather than well meaning but possibly wrong advice from a bunch of hairy assed lorry drivers (apologies to any female responders to this thread
Cheers maoster I’m seeing a solicitor on Monday just thought I’d get the view of “real” people
It won’t matter if she won’t pay anything.
Half the debt his hers if its a joint mortgage = joint debt.
Let her go bankrupt it will mess her up financially for years.
Move out of where you are living and move back in after you have got her off the mortgage.
Go interest only till you can afford the mortgage.
Then when the house prices go up and they will.
Sell it and come out equal or take the profit.
Meanwhile your ex will be living on aldi beans.
Good luck.
And remember don’t get mad get even !!
Make an appointment with the citizens advice it won’t cost you anything for advice then.
If the house has to go, it is always going to be better to market it yourselves rather than having it snatched back and sold at a repo auction for tens of thousands of pounds less.
use a name:
It won’t matter if she won’t pay anything.
Half the debt his hers if its a joint mortgage = joint debt.
Let her go bankrupt it will mess her up financially for years.
Move out of where you are living and move back in after you have got her off the mortgage.
Go interest only till you can afford the mortgage.
Then when the house prices go up and they will.
Sell it and come out equal or take the profit.
Meanwhile your ex will be living on aldi beans.
Good luck.
And remember don’t get mad get even !!Make an appointment with the citizens advice it won’t cost you anything for advice then.
actually (from personal experience)if its a joint mortgage that should read you are both jointly liable which means that even if one of you pays your 50% share of the debt you are not absolved you are still jointly liable for the remaining debt get legal advice
syramax:
actually (from personal experience)if its a joint mortgage that should read you are both jointly liable which means that even if one of you pays your 50% share of the debt you are not absolved you are still jointly liable for the remaining debt get legal advice
This is true. I think the phrase is “jointly and severally liable”, which means if they can’t get the debt from one, the other is wholly liable. As said - check with your lawyer on Monday. All the best.
Harry Monk:
If the house has to go, it is always going to be better to market it yourselves rather than having it snatched back and sold at a repo auction for tens of thousands of pounds less.
I know that Harry but she is refusing to pay any estate agent fees and any shortfall on the house,I’m just at end of my tether with it now and think f##* it.
I will know better tomorrow when I see my solicitor