Hi
As the title of the post suggest i need advice regarding a very difficult situation.
I bought a house about 2 and a half years ago with my then girlfriend ( we all know where this is going dont we?).
We got a loan for the deposit and she had a credit card bill that she was paying monthly. because of this i told her that the mortgage and house bills can be taken from my account and the deposit loan and her credit card bill be taken from her account. we kept this arrangement and then when we broke up we kept the arrangement going.
A few weeks after we broke up i started a new job and we agreed that we would wait 6 months until i was permanent in this job and i could apply for the mortgage in my own name and the loan we would arrange something else afterwards.
I was told at the time by broker ( it may have been a lie) that i would just about qualify for the mortgage in my own name. My salary is 30,000 the mortgage is 218,000 and the loan which we would have sorted later is about 17,000. anyway in those 6 months the banking crises occured, banks started tightening up their criteria for lending and low and behold when i applied for the mortgage in my own name i was told that i didnt qualify for the mortgage.
Meanwhile during those 6 months i recieved a few letters from the bank that we had the loan with saying my ex hadnt payed the loan that month. i rang her and everytime she told me that it was just a delay with the money going into her account and sure enough a few days later i would ring the bank and they told me that they had recieved thier money...until the last 2-3 months when she decided/couldnt pay the monthly repayments.
obviously this meant that my credit rating was affected. about 2 months after i applied for the mortgage and was refused my ex's father rang me to tell me that she would not be paying anything more towards the loan. i have had to deal with her father throughout this as she is burying her head in the sand and refusing to discuss anything relating to the mortgage and loans with me. Her father told me taht since we broke up she has applied and was amazingly given thousands in loans and not paid anything back!! (You have to love the irish banking system in the good times dont you?)
Anyway i have argued with the bank that i can albeit with a bit of a struggle each month i can afford the repaynments and have done for the previous 2 years but the dont agree and will not let me transfer the mortgage in my own name. my ex has signed a document saying she wants to turn the house over to me and wants nothing more to do with it.
Since my credit rating is already down the toilet and i have been refused the right to own the property in my own name i have stopped paying the mortgage for the past few months.
I dont want this situation but as you can see since i have a crap credit rating due to the fact that my ex has reneged on a loan with my name on it and the bank have refused to let me qualify for the mortgage i dont want to pay 100% for something i only own 50% for the next 33 years of my life.
I have been in constant contact with the bank and they know my standpoint and situation. on the other hand she has ignored the banks calls and letters at every turn to the point where she has actually got her mother to close the door in the face of a banks representitive when he showed up to talk to her.
I am tempted to just pay the mortgage myself but i honestly dont know if i can afford the mortgage and loan on my own although i would try but the idea that i would not own the thing im paying the full amount for really annoys me.
Ok i know this is very long post but i am essentially asking for any advice to what i can do. i have no idea and anyone i have asked havent been able to help me with any concrete advice as to what is should do. i have asked the bank and they suggest i rent it out-this would be difficult to do as their is a glut of properties for rent in the area and i would need to put about 2000-3000 to get it rentable i think. they also suggest getting a guarantor but i dont have anyone that could do that for me.
i have asked a solicitor and he essentially was just amazed that she could be so irresponsible and said that she will need to face up to this sooner or later. i asked about suing her and he said that it would cost me a lot of money and more than likely afterwards i wouldnt make anything out of doing it.
So i am at my wits end right now trying to think about what i can possibly do to get myself out of this situation.
she is currently at oxegen!
So does anybody out there have any advice that i can use (please note im fully aware of the you have to pay no matter what school of thought but if my credit rating is already messed up and the bank are telling me i will not own the house i dont know if there is a point in me paying).
So best of luck to anyone out there that can give me any advice-trust me if you can help me you will be forever in my prayers and im not that religious!!
Any help/advice is very much appreciated
Regards
Gary
As the title of the post suggest i need advice regarding a very difficult situation.
I bought a house about 2 and a half years ago with my then girlfriend ( we all know where this is going dont we?).
We got a loan for the deposit and she had a credit card bill that she was paying monthly. because of this i told her that the mortgage and house bills can be taken from my account and the deposit loan and her credit card bill be taken from her account. we kept this arrangement and then when we broke up we kept the arrangement going.
A few weeks after we broke up i started a new job and we agreed that we would wait 6 months until i was permanent in this job and i could apply for the mortgage in my own name and the loan we would arrange something else afterwards.
I was told at the time by broker ( it may have been a lie) that i would just about qualify for the mortgage in my own name. My salary is 30,000 the mortgage is 218,000 and the loan which we would have sorted later is about 17,000. anyway in those 6 months the banking crises occured, banks started tightening up their criteria for lending and low and behold when i applied for the mortgage in my own name i was told that i didnt qualify for the mortgage.
Meanwhile during those 6 months i recieved a few letters from the bank that we had the loan with saying my ex hadnt payed the loan that month. i rang her and everytime she told me that it was just a delay with the money going into her account and sure enough a few days later i would ring the bank and they told me that they had recieved thier money...until the last 2-3 months when she decided/couldnt pay the monthly repayments.
obviously this meant that my credit rating was affected. about 2 months after i applied for the mortgage and was refused my ex's father rang me to tell me that she would not be paying anything more towards the loan. i have had to deal with her father throughout this as she is burying her head in the sand and refusing to discuss anything relating to the mortgage and loans with me. Her father told me taht since we broke up she has applied and was amazingly given thousands in loans and not paid anything back!! (You have to love the irish banking system in the good times dont you?)
Anyway i have argued with the bank that i can albeit with a bit of a struggle each month i can afford the repaynments and have done for the previous 2 years but the dont agree and will not let me transfer the mortgage in my own name. my ex has signed a document saying she wants to turn the house over to me and wants nothing more to do with it.
Since my credit rating is already down the toilet and i have been refused the right to own the property in my own name i have stopped paying the mortgage for the past few months.
I dont want this situation but as you can see since i have a crap credit rating due to the fact that my ex has reneged on a loan with my name on it and the bank have refused to let me qualify for the mortgage i dont want to pay 100% for something i only own 50% for the next 33 years of my life.
I have been in constant contact with the bank and they know my standpoint and situation. on the other hand she has ignored the banks calls and letters at every turn to the point where she has actually got her mother to close the door in the face of a banks representitive when he showed up to talk to her.
I am tempted to just pay the mortgage myself but i honestly dont know if i can afford the mortgage and loan on my own although i would try but the idea that i would not own the thing im paying the full amount for really annoys me.
Ok i know this is very long post but i am essentially asking for any advice to what i can do. i have no idea and anyone i have asked havent been able to help me with any concrete advice as to what is should do. i have asked the bank and they suggest i rent it out-this would be difficult to do as their is a glut of properties for rent in the area and i would need to put about 2000-3000 to get it rentable i think. they also suggest getting a guarantor but i dont have anyone that could do that for me.
i have asked a solicitor and he essentially was just amazed that she could be so irresponsible and said that she will need to face up to this sooner or later. i asked about suing her and he said that it would cost me a lot of money and more than likely afterwards i wouldnt make anything out of doing it.
So i am at my wits end right now trying to think about what i can possibly do to get myself out of this situation.
she is currently at oxegen!
So does anybody out there have any advice that i can use (please note im fully aware of the you have to pay no matter what school of thought but if my credit rating is already messed up and the bank are telling me i will not own the house i dont know if there is a point in me paying).
So best of luck to anyone out there that can give me any advice-trust me if you can help me you will be forever in my prayers and im not that religious!!
Any help/advice is very much appreciated
Regards
Gary