D
and so it begins, get the parachutes ready!
hope you don't mind me asking but is this a very recent purchase or did your partner get any top-up mortgages or was it a 100% mortgage in the first place? i didn't think the downturn would result in negative equity so quickly unless there were other issues involved
and so it begins, get the parachutes ready!
hope you don't mind me asking but is this a very recent purchase or did your partner get any top-up mortgages or was it a 100% mortgage in the first place? i didn't think the downturn would result in negative equity so quickly unless there were other issues involved
Not unusual judging by other similar posts on AAM over the years. Non married joint buyers really should put in place a clear agreement to deal with this and other sorts of eventualities. There's a draft example in the key posts thread.Well.. I didn't want to go into full detail as I would certainly be advised to use a relationship site rather than a financial one!
Basically my partner bought a house with a family member (previously I said a friend) a year ago with a view that we would all move in together... the relationship has since turned nasty and my partner now wants out so he can set up home with me.
It might be possible to add the outstanding amount (say €25,000 in this instance) to the mortgage to buy another house; assuming that the new mortgage is with the same lender and the lender agrees to the arrangement. Some UK banks certainly accommodated customers with negative equity in this way, during the 90's.
Would one of the purchasers be in a position to buy out the other one and take the decrease in value into account when reaching a settlement figure?
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