Hello,
I am writing on behalf of my friend. She used to be in a relationship and bought a house with her ex boyfriend in 2007 for ca. 375K with a mortgage of 350K.
They separated a couple of years ago and decided to rent the property out. Both of them have now a family with children.
Her ex is now separating from current girlfriend and wants to move back into the house. Mortgage re-payments are 700 euro per month. Mortgage left is ca 350K and house is worth (maybe) 250K. The house is clearly in negative equity and both of them don't have money to pay each other out.
He said that he wants to go back to the house as it is the only option he has now because he needs to pay child support. He is happy to pay her ex 200 euro a month (which is what she gets today anyway from renting the house) plus the mortgage monthly repayments.
My friend is not happy about this situation and wants to get her name out of the mortgage (first wish) or avoids that he goes back into the house.
What options does she have?
1. if he insists to move back to the house, what can she do?
2. can she go to the bank and ask to remove her name from the mortgage?
3. can she ask the bank to reposess the house?
Thanks for your help
Kind Regards
Stella
I am writing on behalf of my friend. She used to be in a relationship and bought a house with her ex boyfriend in 2007 for ca. 375K with a mortgage of 350K.
They separated a couple of years ago and decided to rent the property out. Both of them have now a family with children.
Her ex is now separating from current girlfriend and wants to move back into the house. Mortgage re-payments are 700 euro per month. Mortgage left is ca 350K and house is worth (maybe) 250K. The house is clearly in negative equity and both of them don't have money to pay each other out.
He said that he wants to go back to the house as it is the only option he has now because he needs to pay child support. He is happy to pay her ex 200 euro a month (which is what she gets today anyway from renting the house) plus the mortgage monthly repayments.
My friend is not happy about this situation and wants to get her name out of the mortgage (first wish) or avoids that he goes back into the house.
What options does she have?
1. if he insists to move back to the house, what can she do?
2. can she go to the bank and ask to remove her name from the mortgage?
3. can she ask the bank to reposess the house?
Thanks for your help
Kind Regards
Stella