Need to know where I stand please?

[Inca]

Re: Need to know where I stand please?

<<<fully cooked single Mum here,,exhusband as useless as a chocolate teapot,,my son is now a 24yr old well balanced hardworking all round good bloke. Ex downgraded from me to the mungbean he is still with,although he rang me on the day of his wedding saying if i took him back he would cancel the wedding.................he got married msl:

[PlanB]

Re: Need to know where I stand please?

If I don't move out though and let him take over, the house will be repossessed and I am going to have to face bankruptcy because the amount we will owe will probably be in the region of 25/30 thousand.
after discussing it with the ex and his wife,it seemed the best way around the situation.neither of us wanted to end up in a massive finational mess for the next 10 years.

If the house is in joint names and you're in negative equity then the shortfall debt of 25/30k is your ex-partner's legal liability and responsibility too not just yours even though you've been paying the mortgage. The lender can chase either/both of you for that shortfall for up to 12 years after any repossession and sale of the property. But if you are taken off the mortgage then the lender can't/won't chase you for it, so if this is your only real debt then it seems like a good plan is under way whereby your ex will take full responsibility for that debt This would give you a fresh start.

The father of your new baby may have done a runner but that doesn't stop him being legally responsible for his child :nono: Maybe it's time to get child support from him too.

[xprettypeachx]

Re: Need to know where I stand please?

Good morning thank you for all of your replies.ihave phoned the mortgage company this morning and they have said that once the arrears are cleared then he can apply for my name to be removed,they will not send a letter confirming this though. I have been on the phone all morning and still going...going to be a long day!

[PlanB]

Re: Need to know where I stand please?

Good morning thank you for all of your replies.ihave phoned the mortgage company this morning and they have said that once the arrears are cleared then he can apply for my name to be removed,they will not send a letter confirming this though.

If they won't send you a letter then you can send them one along the lines of: "Dear Mortgage Company, Following our telephone conversation this morning I am pleased to learn that once the arrears are cleared the mortgage will be transferred into Mr Ex-Partner's sole name . . . ". Your telephone call this morning will have been recorded to so keep a note of the exact time/date of the call

[wales01man]

Re: Need to know where I stand please?

Not to be a bearer of doom ,but if the mortgage company will not put the confirmation in writing i would say they wont take you off the mortgage as someone who has gone through mortgage arrears and repossesion i would not take their word for anything.
My only suggestion would be to get the ex to clear the arrears and then try to get your name removed but would suspect if there is still negative eqity in the house and the lender knows they will keep your name on the mortgage in case it goes into arrears again it then gives them 2 to chase for the money,remember as we all know lenders only want the money by any means.
Im hoping you can get it sorted and get on with your life with your new baby and put all the money problems in the back of your mind having gone through all the crap with mortgage companies i now know the family must come first
Good luck

[wales01man]

Re: Need to know where I stand please?

Plan B
Good idea but would not put it past the company to edit phone call as i said in last post these vompanies dont give a toss about people i know

[PlanB]

Re: Need to know where I stand please?

If your ex-partner has a good income then at some point in the future he'll be able to take out a re-mortgage with another lender. They can't stop him doing that even if they renege on their agreement to release you from the mortgage debt.

But you say there are arrears involved so he will have to wait for about three years for that negative information on his credit file to be less important to the substitute lender's underwriters when deciding whether or not to grant the new mortgage. Also the house is in negative equity so he'll have to wait for it to grow out of that as house prices gradually rise.

I think the good news is he's making an effort to sort this and not leaving you to handle the 25/30k debt and the trauma of repossession all by yourself with a new baby.

[xprettypeachx]

Re: Need to know where I stand please?

Hi he has told me this morning that he has cleared the arrears on the mortgage so think I will phone the mortgage company tomorrow and double check, he says they will send me forms etc to get my name off but surely it won't be that simple. Will have to wait until tomow and see what they say I suppose.many thanks again for all your replies.

[wales01man]

Re: Need to know where I stand please?

Fingers crossed here for you hope all goes well

[PlanB]

Re: Need to know where I stand please?

Things are moving in the right direction for you The mortgage company has already told you that after he's made six months' payments they'll consider a transfer of the loan into his sole name. I only wish my ex-husband had been so civilised :tsk: I still think you need to get some legal advice on the overall situation with maintenance and so on since you'll be taking the day-to-day responsibility for bringing up his kids for the next decade :juggle:. He needn't know you've done this, but better safe than sorry

Good luck with your move to the new place in a couple of weeks :hug: