Hope2divorce
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You need to speak with the bank before you go to court.
On the downside, the banks are not necessarily happy having one name as security on a mortgage and may ask you for proof of income and income projections into the future even though you are to solely contributing to the mortgage. I presume you informed the bank six years ago that you were a sole contributor to the mortgage? If so this may help your case.
I have a friend who is in a similar situation and the bank refused to remove the ex's name off the mortgage. The only option was to have the ex's name removed from the deeds whilst the ex would sill be liable for the debt; this of course is a no-brainer.
I don't want to sound like I am prying but is it possible your ex could file for bankruptcy under the new legislation that will come into effect next year?
There is obviously more to this case than issues affecting the divorce. i.e. Any divorce or separation issues would be completely separate from bank proceedings for reposession.
If the matter has progressed as far as a Court date, it is likely that all MARP and other potential remedies have been put to the parties without a satisfactory resolution being reached. Do you have a solicitor acting for you? If not you should get one. Unless you are either represented in Court or represent yourself, the Bank will most likely be granted a posession order. In that instance, the Bank will re-posess the property after the stay period granted. Furniture etc will still remain your property. The worst thing you can do is to do nothing. Make sure that you are properly prepared for the Court process and if at all possible appoint a solicitor.
similar situation - but i went into bank and met mortgage lender - went thro all figures and they advised that i would be able to take over mortgage........ not sure why they won't speak to you....
Oh my goodness all this money on solicitors and barristers.
Can you clarify something. Have you asked your bank in writing to allow the mortgage to be transferred into your name?
I have asked time and again and told that 'it is something we can consider in the future' I.e if his name is off the deeds etc. Obviously he does not want this and I can understand why, so now he is pushing for a sale.
Does you ex have a good income and is he actually choosing not to pay the mortgage?
Yes he had more of an income than I and less expenses. He chose not to pay a cent since the day he moved out and I like an idiot thought it would work to my advantage to continue paying.
If the judge order a sale and the house is in NE then after the sale both you and he will still owe the NE. But if your ex has no money then it will be you that pays. Has your solicitor confirmed what will happen in court?
He has more money than I in savings/pension etc. If the sale goes through we have a massive joint and severally liable 'loan' to pay back. Solicitor 'hopes' I win but she of course cannot tell me 100% what a judge will decide on the day.
From the banks point of view, you've demonstrated that you can pay the mortgage and they are being plain stupid not allowing the transfer of mortgage to you. Have you pointed this out to them, in writing. Did you look at the post from a poster called FAY who managed to get a bank to agree to the mortgage transfer.
I will look at that now, thank you for highlighting it. I have mentioned it to the bank and they of course could not care less right now once they are getting paid. as of 2 weeks ago I have chosen to go interest only, not with their consent, but I am still paying at least that portion of the mortgage. It is not in my interests to pay more if it comes to court and home is to be sold. I am hoping that once they receive my letter to state I am only going interest only (have not yet posted same) that they may buck themselves up and have a proper look at what has been going on.
It just seems unfair to me, but that is life I guess
If he want's the house sold off, won't he then owe you his half of the mortgage payments for the last 6 years? Do you have children together?
Given the problems you are encountering with the divorec issue, it is going to be extremely difficult to arrive at a solution where the property is kept in your name. This is difficult enough to achieve, with the co-operation of both parties and I can't see how it can work out in your own circumstances. Realistically, banks are very reluctant to relinquish the recourse to both parties, where a negative equity situation is evident, for obvious reasons.
I agree that things do appear to be unfair, but you need to take the more pragmatic view on how you can best get out of this. In all probability a sale of the house is thae best option. This is likely to take time & will require the approval of the Bank. Are you currently paying the full mortgage? If so you might need to re-assess your situation. grand if you can comfortably meet the payments, but you'll get no thanks if you are struggling, as both of you are fully jointly liable on any residual debt. this is where you will need to get a good negotiating solicitor to deal with the Bank & get a deal on the residual debt that you can cope with.
By the way, the Bank are not being "plain stupid" in transferring the mortgage into your sole name. It's no benefit to them to relinquish recourse to both parties.
By the way, the Bank are not being "plain stupid" in transferring the mortgage into your sole name. It's no benefit to them to relinquish recourse to both parties.
Not sure I understand what you mean by my ex paying the NE shortfall???
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