Help with mortgage and ex problem please

[xprettypeachx]

Hi Not very good with things like this so will try my best not to rabble on! Am in desperate needofadvice please.

In 2005 took out a mortgage and unsecured loan with my ex ( we have 3 children together), I used a gift of £140000 as deposit, this was from my step father to help me on the property ladder.

In 2005 we split up, he walked out on me and the children. I went to csa around 2 yrs ago now as I was worried he wouldnt pay for the children, I have been paying the mortgage on my own. I have struggled so much its unbelieable.

I fell pregnant ( not my ex) last yr and have been on mat leave since april I am now struggling to pay the mortgage. I am single with 4 children.

The house was on the market to be sold up untill last year but i only had 5 viewings in something like 2 years so i took it off the market intending toput it on with another estate agents straight away, but i fell pregnant, i was working around 50hours a week and looking after the other 3 children alone, and i just didnt get round to doing it.

The mortgage is in my name and my ex's name
The house is in negative equity
He is demanding i take his name off ( he has since remarried acouple of weeks ago)
he is texting me today saying that since he hasnt paid for the mortgage for 4 years now he should be taken off.
Im worried that I will be landed with all the debt from the house.
I am worried he has been taking out loans etc against the house ( i wouldnt put it past him to forge my signature)

I havent got a clue what to do, im thinking of asking the local council about the mortgage rescue scheme.

please can someone give any advice.

thank you

[Surinder]

Re: hi new and need advice please

as for him taking out loans etc on the property, just go on google to search 'land registry search' - then use one of the agencies to implement a search - typical cost around £8.00 - this will show you exactly what is registered on the property. Do this first before anything else - if you ask a soliciotr to do this they will charge you around £150.00.

[xprettypeachx]

Re: hi new and need advice please

thank you that is very useful will give it a go.

[SpringerSpaniel]

Re: hi new and need advice please

One of our other members had a very good experience of using a mortgage rescure scheme, selling the house to a housing assocaition and being able to continue living there as tenants. This is definitely worth looking inot.

As to your ex, surely you want him to be sharing the loss from the negative equity with you, as well as supporting his children ?

[xprettypeachx]

Re: hi new and need advice please

hi springer yes i do think its only fair that my ex takes responsibility, as well as myself for the negative equity.he knows that we will end up owing lots of money because of it that's why he is desperate for his name to be taken off.but heust think i'm silly! we wemt into this together so i think its fair we end it together.
any advice anyone could give me regarding the mortgage rescue scheme would be gratefully received.this would in the end save me from possible bankruptcy, something i desperately wasn't to avoid.

[Hurricane Puffrose]

Re: Help with mortgage and ex problem please

as always your wish is LB's command

http://www.direct.gov.uk/en/HomeAndC...ions/DG_174005


he Mortgage Rescue scheme may help if you are having serious difficulties making your mortgage repayments and are in danger of becoming homeless if repossessed. Find out if you are eligible for help to stay in your home and how the scheme works.

What is the Mortgage Rescue scheme?

The Mortgage Rescue scheme is a government scheme. It's run by your local housing authority - the organisation that manages housing for your council.
If you're eligible, you could get financial help to stay in your home. You make your application for help from the scheme to your local council.
The Mortgage Rescue scheme is only available in England. Separate schemes are either in place, or being developed, in Scotland, Wales and Northern Ireland. Search your local council’s website for more information about these schemes.

• Find your local councilOpens new window

Who can get help from the Mortgage Rescue scheme?

To be eligible for the scheme your household must include someone in 'priority need'. This could be:

• a pregnant woman
• someone with dependent children
• someone who is vulnerable because of old age or a physical or mental impairment

You’ll also need to meet the following criteria:

• your household earns less than £60,000 a year
• you don’t own a second home, including a home abroad
• the value of your mortgage (and any loans taken out against your home) is less than 120 per cent of the value of your home
• the value of your home isn’t higher than certain levels set for each region – ask your council about the level for your area

When you apply for the scheme, your local housing authority will talk you through some other criteria that you’ll need to meet.

How the Mortgage Rescue scheme works

You can be referred to the scheme by:

• advice agencies, like the Citizens Advice Bureau or Shelter
• your mortgage lender
• the courts

You can also contact your local council directly to get advice about the Mortgage Rescue scheme.

• Find your local council

When you apply for help from the scheme:

1. the council will arrange for you to meet with a money adviser, if you haven’t already seen one
2. you’ll get advice and a plan to help you manage your debt or some other way that you can meet your housing costs
3. the council may arrange an assessment of your home
4. you may get financial help, either with an ‘equity loan’ or through ‘Government mortgage to rent’, depending on your circumstances
5. the council will involve a Registered Social Landlord (RSL) - an independent housing organisation registered with the Tenant Services Authority

Equity loan

The RSL can provide an interest-only loan, which you can use to pay off some or all of your mortgage or secured loans, allowing your monthly repayments to be reduced to an affordable level. You’ll need to have no more 40 per cent equity in your property to qualify for an equity loan.

Government mortgage to rent

The RSL will buy your home for 90 per cent of its market value. You’ll stay in your home and pay rent to the RSL as a tenant. The rent will be 20 per cent less than the market rate for your area.
You’ll continue to receive advice after you have entered the scheme to help you manage your finances.

[xprettypeachx]

Re: Help with mortgage and ex problem please

fantastic thank you so much! When i phone the mortgage company up to explain my situation, should i mention that i am seeking help from the mortgage rescue scheme?

[legalese]

Re: Help with mortgage and ex problem please

Agree the mortgage scheme is a good idea, also if you have some extra land with your home could be a great opportunity to apply for planning for say a dwelling which you could sell the plot (just a thought). If the scheme does not work out you can always offer a much lower payment each month on your mortgage, however, you would still accrue arrears but its a last resort until you got back to your feet. As long as you show intent on paying your mortgage in difficult times then it is next to impossible to repossess.

[xprettypeachx]

Re: Help with mortgage and ex problem please

Hi Please could someone scan over this letter I am going to send the mortgage company to explain my hardship. I have used a template but filled in my relevant info. any feeback would be gratefully recieved before I post tomorrow. many thanks.

To Whom It May Concern:

I am writing this letter to explain my unfortunate set of circumstances that is causing me to become delinquent on my mortgage. I have done everything in my power to make ends meet but unfortunately I have fallen short and would like you to consider working with me to modify my loan. My number one goal is to keep my home and I would really appreciate the opportunity to do that.

The main reason that caused me to be late is that I am currently on maternity leave and my income is not nearly enough, I fear I am going to fall further and further behind. Now, it’s to the point where I cannot afford to pay It is my full intention to pay what I owe. But at this time I have exhausted all of my income and resources so I am turning to you for help.

Since July 2008 I have managed with mortgage payments on my own, and have not missed a payment up untill now I have worked full time as well as look after 3 children single handedly,Mr J ***** walked out on me and his children in july 2008 and has not contributed towards the mortgage whatso ever since.
I am currently seeking help from the Mortgage rescue scheme, as I feel that my situation will continue untill at least March next year when my maternity leave ends, and fear I will fall further and further behind, without help.

I truly hope that you show some forbearance in my time of need and help me out in my unfortunate circumstances at this time.

Sincerely and Respectfully,