leftsaidfred
Registered User
- Messages
- 2
Tell her you are only going to match her mortgage repayments till this is sorted out. So if she puts in zero, you put in zero. A few weeks of that and her chances of getting a mortgage are shot.
Brendan Burgess
Why should she pay the same as the OP?
My issue is, while I pay the whole mortgage and save to pay her deposit and equity back to her to release her.
Will I paying twice as far as the equity is concerned?
Can I argue that every time I make a payment her equity and possibly deposit is being eroded by the value of 50% of the mortgage payment?
QUOTE]
Yes and Yes, in my opinion.
You hold some cards namely:
1. there is equity in the house which she wants to get her paws on, she can either take you to court for it (expensive option for her) or she can try to come to an amicable agreement with you.
2. her credit rating is valuable to her, and you 100% control that. If you let the mortgage go into arrears her credit rating is shot. So keep that in your back pocket and pull it out as a threat (or an action) if needs be in the future
I'm assuming she will also stop contributing to the house insurance, the property tax, the mortgage protection and the life assurance. So tot up the value of all those, plus cost of maintenance of the house (set up a folder and put receipts for everything you spend on the house in there, keep records). Also keep a record of the date from whence you started paying the mortgage on your own.
As Brendan said, the amount by which you should be reducing her share of the equity is not a clear 50/50 as you are occupying the house and she is not. However there's no doubt that her share of the equity will have to be reduced in line with the number of years you paid the mortgage & household insurances/expenses on your own. You will have to calculate what you think it should be. Use the key posts.
For the moment try to keep her on board if possible because when you do have enough money saved up to get her off the mortgage, you'll need her to sign the forms to apply to the bank for this, and if you've alienated her and she refuses to sign the form you're in a right pickle (I should know!)
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