Mortgage Arrears Term Extension - but ex won't sign paperwork

[Brendan Burgess]

Before you proceed Bear 15 can I just point out to you that the bank do not need your ex's or your's consent to sell. If the mortgage is not being paid they will sell it.

Hi Bronte

Where are you getting this from? As it's a family home, they will need to get an order for possession which would take years.

If the OP consents to have it repossessed, the Registrar will probably not grant the order without the ex's agreement, even though he has not paid anything for years.

Brendan

 

[44brendan]

It's in the bank's interest to get this sorted, particularly given the circumstances as outlined. Forget the 6k demand. They are getting a great deal if this loan is taken over by your husband. Your ex is also getting a good deal and should grab it with both hands. What is needed here is a professional who can point this out in clear terms to both parties. You are currently being messed around by both the bank and your co-owner which is extremely frustrating for you. bank need to be made aware that if this deal does not go through you are not going to be in a position to continue paying the mortgage as if co-owner does not co-operate you will get no benefit from doing so. have you a good accountant/solicitor who can intercede on your behalf?

 

[Bear15]

Waver : thank you, that is a possibility however we need to have cash to pay solicitor etc if we ever get to the end of it.

Bronte : thank you, my husbands more than aware, yes it is in the back of our minds if ex won't sign the term extension that he might not sign the transfer documents either. We will need to have it in place that he signs first.

44Brendan : thank you, that is what i cant get my head around, they are getting a great deal. I have a solicitor who has instructed the bank in relation to same but they harp on about the term extension. Co-owner is playing games and has done from day one. My husband is our only way out of the mess financially.

if this deal does not go through you are not going to be in a position to continue paying the mortgage as if co-owner does not co-operate you will get no benefit from doing so. have you a good accountant/solicitor who can intercede on your behalf?

I appreciate this advice. I have a solicitor who has written to the bank so many times and they are practically ignoring the correspondance and also my solicitor has been dealing directly with a local representative for the bank and this person keeps harping on about term extension or arrears to be paid. This person in the bank is claiming that the file is on the desk and that it is their job to come to resolution as quick as possible!!!!!

As of today i have now been told that they have made contact with ex and again sent documentation to ex by post as awaiting his signature as he claims he didnt get the documentation. (He is clearly still messing about)
I was then told that the contents of the conversation could NOT be discussed with me & could only tell me that contact has been made directly by phone and documentation for term extension sent. When i asked if the ex continues to refuse to cooperate with the bank what are they going to do, the response was "you are joint and severally liable and you will have to keep up the repayments (which i am doing) because if you dont the bank will not like it, it dosent look good for you, The only other thing you can do is rent the property"

i told this person 1) it is a tracker mortgage and i cant rent (reply "you might have to")
2) this house is my family home which i have paid for and i have done nothing but engage with the bank and do what theyve asked to date. I have given a solution to which they will not proceed with until the term extension signed or arrears are paid. This person then replied well we will have to see will the documentation be signed, we really need his signature as we cannot proceed unless he signs it!

I feel at this stage the ex and the Bank are as bad as each other :/

 

[Bronte]

You are really in a tight spot. This new info is so important. You must be so stressed. Can you please do something else, give us the figures, roughly, also salaries, general type of employment, need to figure out if this NE is worth walking away from and starting again.

For example could you and your hubby, could he get a mortgage on a new property etc.

 

[Brendan Burgess]

I feel at this stage the ex and the Bank are as bad as each other :/

The bank is probably operating under Central Bank guidelines or some other contractual terms. They are not trying to be difficult. They are forced to be difficult. Your ex is choosing to be difficult.

If you continue to meet the repayments, there isn't anything which the bank can do. They won't want to do anything if the mortgage is being paid in full.

You will end up after a few years having paid down the mortgage and your ex could reappear at any time and move into the house as he is still a joint owner of it.

Brendan

 

[Bear15]

need to figure out if this NE is worth walking away from and starting again.

For example could you and your hubby, could he get a mortgage on a new property etc.

My husband is in a position to get a mortgage himself. We have thought of this option, the whole situation is all so stressfull that we are desperate to resolve it. We want to protect our future also financially. We just feel this is the only way out in that my husband takes over the whole thing. We are both in good jobs with good salaries and can afford a decent mortgage together.

If my husband buys a house on his own he would be limited to the amount of mortgage available to him. We really want to get a mortgage together. Also the fact that we dont want to get into debt by having a second property/mortgage at present until we can resolve this issue first.

If he takes over the property with me, we keep the tracker, wait for a few years and hopefully house prices will rise we be able to sell and move on. Where we live a present is suitable for commute and the mortgage repayment we currently pay is equivalant to what we would rent for. In saying that if i could get rid of this property and free ourselves we would. (again the bank may not let us sell, if we did sell i would have the lump sum of approx €100,000 negative equity on my back as the ex is out of jurisdiction and the bank will still be requiring me to repay all. Id prefer to own the property with €100,000 negative equity on it than to have no property and owe €100,000 regardless.

If you continue to meet the repayments, there isn't anything which the bank can do. They won't want to do anything if the mortgage is being paid in full.

You will end up after a few years having paid down the mortgage and your ex could reappear at any time and move into the house as he is still a joint owner of it.

Brendan

This is my fear Brendan about paying down the mortgage. Then again where do i turn if i stop the repayments.

The ex is the one being difficult and causing this situation. The bank know i can pay the mortgage so i am caught. The bank will come after me regardless as im living and working in the country "joint & severally liable"

 

[44brendan]

Hi again Bear 15. In terms of Brendan B's comment that the Bank are not being obstructive I would tend to disagree with this as they should have no pre-conditions on the property being transferred into new joint names. Again I would point out that if this does not progress you must consider alternative options to maintaining the mortgage for the reasons already highlighted in earlier posts. The difficulty you now have is that you have no direct contact with the co-owner and the perception is that he is not prepared to play ball with the bank/yourself for whatever reasons!! I have dealt with a case very similar to yours and have an agreement in place fro a voluntary sale of the house plus a 20K settlement figure on negative equity of €100k. Deals can be done provided that you have the right advice. You need an experienced negotiator on your case. There are posters on this site such as Jim Stafford who may be able to either assist you directly on point you in the right direction.

 

[Bear15]

Deals can be done provided that you have the right advice. You need an experienced negotiator on your case. There are posters on this site such as Jim Stafford who may be able to either assist you directly on point you in the right direction.

thank you 44brendan, i have no guarantee from the bank at all, they wont give it to my solicitor in writing in relation to my husband taking over mortgage it is only verbal so we are nervous.
I do have a contact number for the co-owner that i can ring however due to advice of my solicitor i have been told to not contact co-owner directly. (solicitor engaged due to co-owners previous behaviour).
With regard to the similar case you are dealing with the settlement figure on negative equity can i ask has this persons credit been affected? (my husband and i dont want to end up in financial difficutly in the future). This scenario sounds like a dream come true to me if it was an option for me Could you send me a link on how to contact Jim Stafford.

Many thanks

 

[TLO]

Bear15, I understand Jim Stafford's website to be www.frielstafford.ie ..

 

[Brendan Burgess]

I have dealt with a case very similar to yours and have an agreement in place fro a voluntary sale of the house plus a 20K settlement figure on negative equity of €100k. Deals can be done provided that you have the right advice. You need an experienced negotiator on your case.

With respect 44b, I think you are giving Bear false hope here. She can clearly afford the mortgage. Why would the bank do a deal?

Bear, which lender is it? There is some, albeit remote, possibility that one of the lenders leaving the Irish market might do such a deal, but if you are with one of the main lenders it's highly unlikely that you will get such a deal.

Brendan

 

[Bear15]

[QUOTE="Brendan Burgess, post: 1450230, member: 1"

Bear, which lender is it? There is some, albeit remote, possibility that one of the lenders leaving the Irish market might do such a deal, but if you are with one of the main lenders it's highly unlikely that you will get such a deal.

Brendan[/QUOTE]

Hi Brendan, im with a main lender Bank Of Ireland

 

[TLO]

I've been thinking about Bear15's situation all day. Can't get it out of my head. Read the thread about 5 times. The €6,000 arrears could be dealt with by unilaterally paying BOI an extra €166 per month over 36 months. The real problem here is the ex. Can't be trusted. I'm wondering would it be possible for a good family law solicitor to apply to the court for a "Property Adjustment Order" that transfers the ex's beneficial interest in the property to Bear15 herself. Leave her husband out of it. The beneficial interest is probably valued at zero because of the negative equity. The ex has made no contribution in over six years, if ever. The ex has also emigrated. If the Judge agrees to make the order, and it appears that the ex will consent to it, isn't that job done? Without reference to BOI?

In time, Bear15 could move the property into both names. And continue to pay down the mortgage safe in the knowledge that the ex can't decide to move in at some point in the future.

 

[Bear15]

Thank you TLO

Id prefer to leave my husband out of if i could because the ex cannot be trusted at all. I will look into the Property Adjustment Order, i will have to go back to my solicitor.

One thing that crossed my mind is do the bank consider a permanent rental income on a mortgage application? (ie rent from my husband)

The bank already told me i wouldnt qualify for a mortgage on my own last year. Rental income was never taken into account on the application (the application was an over the phone application on guide figures). This is how the affordability came about for 1 year with a view to term extension which is where i am at now. It is Frustrating considering the amount they want me to pay on the term extension is based on my sole salary, €100 less per month than the actual mortgage!

I am very grateful for your replies
Many thanks
B

 

[Bear15]

Just back with an update. co-owner signed paper work last week however the document has expired

1. Bank have held out for this signature for 4 months (in the mean time hounded me with letters).
2. They say they may still be able to use his signature.
3. I asked can i make a new mortgage application to take over the mortgage myself as my wages have changed and loans decreased etc i was told on my salary figure alone i would not qualify under the central banks terms. (totally dismissed without going through any figures)
4. I asked can i use a permanent rental income from my husband on the application - i was told no as it is the family home!
5. I was told the sustainable amount i am paying on the mortgage is now not enough as the mortgage is continuing into arrears because the document was not signed in time! the mortgage repayments have reverted back to the originial repayment €100 more (it is in my interest to get my husband to make up the difference!)
7. I was told that the only options i have available to me is the (a) term extension or pay the arrears an revert back to full repayments even though they told me under the guidelines i cant afford the mortgage on my salary. (b) Pay the arrears and opt for a trade down mortgage with my husband!
8. I was told until the arrears are cleared or term extension document signed the matter cannot be progressed.

just to note : The co-owner was back in the country, had contacted the bank to arrange a meeting in person. The co-owner rang and was told by another person in the office no need to call in just send back in the term extension document. (it had already expired)

I passed this information back to the representative dealing with the case that this had happened, i was told that this was right, that there was no need for the co-owner to attend he just needed to send away the document.
I told of how disappointed i am with this as theyve tried for so long to get a meeting with the co-owner. The co-owner has since left the country again, the reply was "your joking me, well with no cooperation we are caught, we really need to get a signed authority from the co-owner to nominate a person to deal with his affairs in his absence!
(Is it just me or is this just unacceptable?)

i am just worn out.....

 

[Brendan Burgess]

I had a look at this again and note that you have provided no numbers. Can you give the following information

Value of property
Balance outstanding on the mortgage
Interest rate as in ECB +
Term remaining.
Monthly repayment due
How much you are actually paying.
Your salary or income

BoI is subject to Central Bank guidelines, Data Protection and a host of other regulations. They can't simply do what is practical if they are not complying with these guidelines. And from the bank's point of view, the mortgage is being paid, so they don't have any incentive to break the law to facilitate you.

All you want is a term extension. To get it, you need the signature of your ex. He doesn't need to meet the bank. He just needs to sign the paperwork. Or, put it another way, the bank simply needs to get the document with his signature on it.

 

[Bear15]

thanks Brendan, signature has been accepted so we are now on the road to resolution.
Many thanks to everyone for all the replies.

This thread really kept me positive at times that i was very low.
I am very thankful.