Bandagegurl
Registered User
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- 2
Im just wondering if anyone could offer any advise or knows of a similar situation.
Bought a house in 2007 with ex- 285K
I moved out he continued to live there and paid the mortgage as he wanted to prove to the banks he could afford it to eventually take it over.
He is now getting married and wants my name off the mortgage and deeds.
House was valued at 150k and the balance is 250k, which leaves us with an equal amount of 50k negative equity each.
He is applying for my name to be taken off and his new partner to go on instead. If they are rejected he wants to sell at the loss.
Now my questions really are this, I obviously dont want to owe anything on this house so selling is not an option for me. Can I just push back and say no to selling until the market picks up? If they are successful it taking over the mortgage does this mean they take over the whole amount?? Is that possible if the house is in negative equity, seems unlikely that his partner would willingly take on my debt.
I would happily keep the situation as it is forever if it meant me not owing 50k.
any advise would be appreciated.
Bought a house in 2007 with ex- 285K
I moved out he continued to live there and paid the mortgage as he wanted to prove to the banks he could afford it to eventually take it over.
He is now getting married and wants my name off the mortgage and deeds.
House was valued at 150k and the balance is 250k, which leaves us with an equal amount of 50k negative equity each.
He is applying for my name to be taken off and his new partner to go on instead. If they are rejected he wants to sell at the loss.
Now my questions really are this, I obviously dont want to owe anything on this house so selling is not an option for me. Can I just push back and say no to selling until the market picks up? If they are successful it taking over the mortgage does this mean they take over the whole amount?? Is that possible if the house is in negative equity, seems unlikely that his partner would willingly take on my debt.
I would happily keep the situation as it is forever if it meant me not owing 50k.
any advise would be appreciated.