Hi,
I would be grateful for any advice provided.
My wife entered into joint mortgage with her brother in 2001. Brother has always lived in property and wife entered into mortgage contract to facilitate brother to buy property.
Brother married and property was used as family home, however, brother is now going through unamicable separation with spouse. The brother is living alone in property now.
Original mortgage 120k
arrears 21k
current balance exc arrears 105k
Lender Bank of Scotland
Current month payment 857
current market value 200K
The brother has been unemployed past year and he got into major financial difficulty in 2006 which my wife was unaware of (all letters going to mortgage address and were not brought to attention of my wife until the bank contacted directly at our own family home)
Due to previous problems we agreed to pay the mortgage payments for past year to allow him to get back on his feet. So basically we have been paying mortgage on two properties, we have childcare costs etc.
Our savings have been exhausted and we are now at the end of our tether with her brother.
Her brother has not found work and has not been looking (despite many interviews arranged through our own contacts and other channels to get him a job).
We asked that at least 2 rooms be rented out to help with the mortgage payments - this has been refused.
We have requested that the house be put up with sale to clear the mortgage - he has refused to do this.
We had offered to approach the bank to buy him out (this was earlier when we still had some savings to our name) - he refused this also.
I understand that we are strictly and severely liable and as he does not have a penny to his name, the bank will in all likelihood come after us.
Basically, What I am asking is can we ask the bank to force the sale of the property. We understand if there is a shortfall we will have to accept this but has there been any situation where a bank forced sale of property on the request of a joint mortgage holder? We are trying to save our own credit ratings as we desperately need to trade up to a house of our own. We cannot swap properties.
Please be aware we cannot afford to keep paying for her brothers property, and, only have enough savings left for another 2 payments. We are budgeted to the bone and cannot make any more savings on our own costs of living.
Many thanks in advance for your assistance.
I would be grateful for any advice provided.
My wife entered into joint mortgage with her brother in 2001. Brother has always lived in property and wife entered into mortgage contract to facilitate brother to buy property.
Brother married and property was used as family home, however, brother is now going through unamicable separation with spouse. The brother is living alone in property now.
Original mortgage 120k
arrears 21k
current balance exc arrears 105k
Lender Bank of Scotland
Current month payment 857
current market value 200K
The brother has been unemployed past year and he got into major financial difficulty in 2006 which my wife was unaware of (all letters going to mortgage address and were not brought to attention of my wife until the bank contacted directly at our own family home)
Due to previous problems we agreed to pay the mortgage payments for past year to allow him to get back on his feet. So basically we have been paying mortgage on two properties, we have childcare costs etc.
Our savings have been exhausted and we are now at the end of our tether with her brother.
Her brother has not found work and has not been looking (despite many interviews arranged through our own contacts and other channels to get him a job).
We asked that at least 2 rooms be rented out to help with the mortgage payments - this has been refused.
We have requested that the house be put up with sale to clear the mortgage - he has refused to do this.
We had offered to approach the bank to buy him out (this was earlier when we still had some savings to our name) - he refused this also.
I understand that we are strictly and severely liable and as he does not have a penny to his name, the bank will in all likelihood come after us.
Basically, What I am asking is can we ask the bank to force the sale of the property. We understand if there is a shortfall we will have to accept this but has there been any situation where a bank forced sale of property on the request of a joint mortgage holder? We are trying to save our own credit ratings as we desperately need to trade up to a house of our own. We cannot swap properties.
Please be aware we cannot afford to keep paying for her brothers property, and, only have enough savings left for another 2 payments. We are budgeted to the bone and cannot make any more savings on our own costs of living.
Many thanks in advance for your assistance.