Separation options from a Joint Mortgage

RayMonde

Registered User
Messages
5
Income details
Net monthly
(i.e. after tax) Income self: nature of income e.g. self-employed/public servant etc Unemployed Jobbridge €288 Weekly Income history: e.g. "I was made redundant in 2008 and have not had any work since..."
Net monthly income partner,spouse: Full time third level student, Back To Education Allowance recipient, I think?.
Income history:
Amount of child benefit received (Should be €130 per child) N/A
Amount of Mortgage Interest Supplement received (MIS is the social welfare payment to unemployed people, don't confuse with TRS) Unknown

Personal circumstances so we can calculate your reasonable living expenses
The Insolvency Service has published based on the family size, whether or not you need a car for work, childcare costs and other exceptional circumstances. By filling in this information, we (or you ) can calculate what your reasonable monthly living expenses should be.
One adult family or two adult family One adult
Do you need a car for work or do you use public transport? Car needed & Public transport also used.
No children
Monthly spend on special circumstances: e.g. exceptional healthcare costs 0



Home loan
Lender: Ulster Bank
Amount outstanding: €180K Term: 30 years
Value of home: €170K
Interest rate: specify whether tracker or SVR or fixed rate: tracker
Monthly repayment €375 (each)
Amount in arrears €2400
Home Insurance €26 & Life Insurance €67 in total per month.

Summary of discussions and agreements with the bank:

In Marp for two months. I have completed a SFS proving inability to pay mortgage until in employment.
UB spoke of offer for to pay reduced monthly mortgage payment of €250 in total for property over 36 months.(Prior to SFS completion) Unknown if ex has taken up this offer. I did not receive any documentation of this offer from UB.
Admittedly this is a generous offer from UB but I don’t know what happens to the outstanding mortgage payments. If I remember correctly we stay on our tracker.

If I am unable to get agreement from ex to sell and communication is poor between us what are my options regarding the property when I hopefully find work and UB start demanding payments?

Credit Union
Amount of shares €7000
Amount of loan outstanding: None
Monthly repayment None
Term left None


Other loans and creditors - delete those which don't apply to you

Loan to Family €2000 approx

Other savings and investments

Do you expect any lump sums in the medium term future?
Redundancy, inheritances, injuries awards. No


How important is retaining the family home to you?
Which of the following best describes your situation?

I don't care about keeping the family home.


Any other relevant information
Ex living in property now I,ve moved out no access to property. Living & paying rent, bills elsewhere.

What is your preferred realistic outcome?
Sell property or plan to have my share bought from me without risk of UB coming after me as joint owner on mortgage should ex fall behind on payments.
 
Why are you paying anything towards this mortgage?

Your ex is getting all the benefit. She is getting accommodation for €375 per month. You seem to be paying for her accommodation and half her insurance.

You need to talk to her and come to an agreement. She has no incentive to engage in talks while you continue to pay "her" mortgage for her.

If she refuses to talk, write to her setting out the situation, and offer to let her take over the mortgage and the property if that is what she and you want. Then tell her that you are stopping paying the mortgage.

But better still, the two of you need to sit down and do a deal with UB where your name comes off the mortgage.

If you refuse to pay, she will pay the full amount so as to keep her accommodation and tracker.

You should cancel your life insurance and property insurance as well.
 
The ideal would of course be to get your name off the mortgage, realistically though if your ex is a full time student then there is not a hope UB will remove either name at the moment, while your name remains on it you are liable for 100% of repayments if needs be.

If you stop paying then I imagine it is unlikely your ex will be able to afford the repayments on social welfare either, selling for 170 and getting UB to agree a write off of the 10k would be a better option for you but not for ex obviously as house would be gone.

Is there a possibility of them getting a really good job after college which would be sufficient to qualify for the whole mortgage in sole name?
 
Thanks for your advice. Will cancel the insurance.
I'm not paying the mortgage since I completed a SFS, UB suggested a new reduced payment of €250 a month for 36 months. I don't know if ex is availing of it. This would work in ex's favour to remain in the house. larger payments due further down the road which I am liable for even if ex can't make payments.

I am planning to discuss these issues with ex if I can't get my name off mortgage or sell property, are they my only options?
 
Lender deal Error

I found out recently that the lender made a deal with my ex when I moved out of the family home of a reduced payment of €250 pm. I had a SFS completed before this.
An error to send out a letter it seems. I am unemployed at present but will start a new job in November on a salary of €25,000 PAYE. I have suggested taking over mortgage with view to taking back the house.
I have since found out that ex wants me to transfer my name from the property & mortgage. Apparently the bank agreed with ex over phone that they will accommodate this when completing her full time course in 2016.

After a complaint the bank will pull the deal on my say so providing we go back to full payments. Otherwise it will be litigation & collections for repayments.

I would prefer to sell house or ensure this joint mortgage debt can't come back to me if ex falls into arrears on the mortgage. How can I achieve this?

Original Mortgage €225k
Mortgage balance €179k
Property value approx. €170k
 
This is very confusing.

You moved out of the house. Did you stop paying the mortgage? If so, the lender was quite right to do a deal with your ex. Not sure what error you think that they made.

If the bank agreed to let your ex take over the mortgage into her own name, why don't you let her? If she takes it over and you are released from the mortgage, it can't come back and to you.

You and your ex need to sort this out between you. If you are not talking, have you a mutual friend who can facilitate a resolution?

Brendan
 
 
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This is very confusing.

You moved out of the house. Did you stop paying the mortgage? If so, the lender was quite right to do a deal with your ex. Not sure what error you think that they made.