Hi looking for advice for a family member.
Her and her ex boyfriend have a mortgage on a house.
They are now split up and she lives at the other side of the country.
He has continued to live in the house.
There are substantial arrears due on the mortage and it's in negative equity of 80,000
While they were together they had gone on interest only. Anytime She wasn't working he paid the mortgage. They have a child together. When she was working she paid the other household bills.
He is/was a strategic defaulter he wanted a write down on the mortgage. He is self employed and has always cooked the books. My family member used to prepare his accounts for revenue.
They have been split up for 2 years. She has no home of her own and only just recently secured employment.
He doesn't pay her maintenance for the child as he said he us paying the mortgage and the maintenance he should pay is her share of the payments.
She is living in another family members home in one bedroom with her 8 year old child. This can't continue long term.
The bank are offering a split mortgage in order to reduce the monthly payments.
She has always said the house should be rented out and that they would split the difference of the shortfall. And then sell once prices rise and the negative equity is at an affordable level.
But he wants to remain in the house.
What are her options. She feels it is very unfair that he gets to live in the house and she by default of no maintenance for the child is paying towards this.
She can't afford to rent a house without taking in lodgers.
I have advised her to seek legal advise. She can't apply for social housing. Will not be able to afford on her current income to rent alone.
What are her options?
She would love to just sign over the house to him BUT the bank wouldn't let him take on the mortgage as he has been presenting them with a much lower income than he really has.
Can she insist that the house is rented out? Can she insist on a sale and look for a write down on the equity? Would she have to declare herself bankrupt? Would they have to do that together? Or would the bank treat her as an individual who has a liability for half the negative equity?
Sorry for the long winded question. We as a family just want to help her to be able to move on.
Her and her ex boyfriend have a mortgage on a house.
They are now split up and she lives at the other side of the country.
He has continued to live in the house.
There are substantial arrears due on the mortage and it's in negative equity of 80,000
While they were together they had gone on interest only. Anytime She wasn't working he paid the mortgage. They have a child together. When she was working she paid the other household bills.
He is/was a strategic defaulter he wanted a write down on the mortgage. He is self employed and has always cooked the books. My family member used to prepare his accounts for revenue.
They have been split up for 2 years. She has no home of her own and only just recently secured employment.
He doesn't pay her maintenance for the child as he said he us paying the mortgage and the maintenance he should pay is her share of the payments.
She is living in another family members home in one bedroom with her 8 year old child. This can't continue long term.
The bank are offering a split mortgage in order to reduce the monthly payments.
She has always said the house should be rented out and that they would split the difference of the shortfall. And then sell once prices rise and the negative equity is at an affordable level.
But he wants to remain in the house.
What are her options. She feels it is very unfair that he gets to live in the house and she by default of no maintenance for the child is paying towards this.
She can't afford to rent a house without taking in lodgers.
I have advised her to seek legal advise. She can't apply for social housing. Will not be able to afford on her current income to rent alone.
What are her options?
She would love to just sign over the house to him BUT the bank wouldn't let him take on the mortgage as he has been presenting them with a much lower income than he really has.
Can she insist that the house is rented out? Can she insist on a sale and look for a write down on the equity? Would she have to declare herself bankrupt? Would they have to do that together? Or would the bank treat her as an individual who has a liability for half the negative equity?
Sorry for the long winded question. We as a family just want to help her to be able to move on.