break up joint mortage -she wount pay anything??

j2u

My brothe rgot a house in 2006 and he and the girlfriend signed a joint mortgage agreement . She has not payed anything to it and all payments were all coming from my brothers bank account.The bank refuse to take her name off teh agreement in spite of the fact taht all money has come soley from him. She is now on the dole and he met with a solicitor who said that even if she was working it would not be worth his while sueing her and its really not an option now that she is on the dole and would just cost him a fortune.he had stoping paying the mortgage all together but as they threatened increased legal action he agreed to pay half for a cople of months till he could gather enough money to do the house up so that he could rent it out but he still does not want to be renting a house that he only owns 50% of, He is understandably angry that he can spend years and thousands on the mortgage repayments an furnishiing and then years fom now she can still lay claim to it even though she paid absolutely nothing to it.So now it sems there are only two options which are stop paying for it and the bank takes the house and will probaly sue to get the negative equity owed to them or continue paying 100% of a house he will only ever own 50% of. She has already tried to get further loans out trying to use the house as collateral but was unable to after my brother refused here applications and she wont sign away her rights to the deeds. So hes think of emigrating to escape his debts and to be honest what other option has he??
Thanks

LegacyUser

Hi OP,

I feel for people in this situation and it happening all over the country at the moment, on the website askaboutmoney.com there are people asking for advice every day about what to do, and from what i read it is not good. There is a real lesson to learn here which is never buy a house with anyone!!

If it was me i would probably let it all fall apart and have the bank repossess the house, the girlfriend is skiving off her responsibilities and now in the dole so he is never going to get any help from her, i read somewhere that if you have a good relationship with your bank that you may be able to transfer the negative equity owed to a further mortgage in the future, but im not sure, i really think you should advise them to be in communication with the bank all the time and to try and get them on his side, they will just keep trying to get him to pay but he should say he cant afford it, if there is negative equity owed then it will be divided by 2 so she will legally have to pay her part too, i know his credit will be destroyed but it woild be better to rent right now than continue with the situation with his girlfriend, if she feels the house will be repossed she may hand it over to him but this is the route i would take. The only other thing to do is for him to continue paying and she will have rights always over the property.

j2u

hi thanks for the reply its crazy though as he is willing to pay for the house if he has to but only if he 100% owner seeing as he has been paying 100% of the mortgage from day one but the bank would rather reprocess the house at a loss than to take her name off the mortage and let him pay it on his own.It seems to me that maybe its not just bad lending decisions but horrible management aswell that caused the banking crisis.How is their no law protecting him in this case. He has to pay 100% for something he will only owe 50% of and he doe snot want to lose his credit rating but thats better than paying for a house he does not live in and will ever even own.If the house was reprocessed and he move to the uk or northen ireland can they still sue him for the negaitive equity? if hes not even living in the republic can they really extradite him back to the republic to force him to pay the negaitive equity?

LegacyUser

j2u wrote: »

hi thanks for the reply its crazy though as he is willing to pay for the house if he has to but only if he 100% owner seeing as he has been paying 100% of the mortgage from day one but the bank would rather reprocess the house at a loss than to take her name off the mortage and let him pay it on his own.It seems to me that maybe its not just bad lending decisions but horrible management aswell that caused the banking crisis.How is their no law protecting him in this case. He has to pay 100% for something he will only owe 50% of and he doe snot want to lose his credit rating but thats better than paying for a house he does not live in and will ever even own.If the house was reprocessed and he move to the uk or northen ireland can they still sue him for the negaitive equity? if hes not even living in the republic can they really extradite him back to the republic to force him to pay the negaitive equity?

Hi, I dont think it would be a good idea to just move country to get out of it, because he would always have it hanging over his head, im not sure what would happen if he did flee and not pay, but i think being honest with the banks is the best way to go and they will have to work with him to resolve it all,

he should call the girlfriends bluff, like if they are going down the road of repossession and she starts to realize she will legally have to owe half the negative equity she may then sign the house over to him it would be worth threatening to do this before running away.

the site i mentioned has such great advice about this exact issue, this is a very good link it has all the questions your brother would want answered.

http://www.askaboutmoney.com/showthread.php?t=124005


this question is about selling a house with negative equity and how it is handled with the bank....

http://www.askaboutmoney.com/showthread.php?t=119962

All the best.

redout

j2u wrote: »

If the house was reprocessed and he move to the uk or northen ireland can they still sue him for the negaitive equity? if hes not even living in the republic can they really extradite him back to the republic to force him to pay the negaitive equity?

Thats just nuts. If he does a runner he will never get a loan in this country again.

Zaph

j2u wrote: »

if hes not even living in the republic can they really extradite him back to the republic to force him to pay the negaitive equity?

OK folks, constructive posts from now on only please. Although it's not illegal, advising someone to default on their loans and skip the country is hardly constructive and any future posts recommending this will be deleted.

January

To be honest I think your brother was very naive and your brothers ex girlfriend knew exactly what she was doing. She always knew that she would have a claim on the house no matter if she paid a penny off the mortgage or not. This is the dilemma he is in now. The bank won't take her name off mortgage because she'd have to consent to this and to be honest, can your brother prove that she hasn't paid a penny towards mortgage before they broke up?

The only way your brother could get her off the mortgage is for her to sell him "her" portion of the house. In effect, buying her out, even though she hasn't paid a penny.

He could also just not pay mortgage and have such a bad credit rating that he is risking never getting a mortgage again.

ash23

Who is living in the house?

Your brother has a few options (i'm in a similar position).

Sell the house and split (not easily done in these times).

One of them live in it and rent out rooms to supplement the mortgage cost.

Neither of them live in it, rent it out and hope the proceeds cover the mortgage.


My ex could come along and write this post and describe me as a money hungry cow but there are very valid reasons as to why he is paying the mortgage alone and I amn't contributing.
Two sides to every story.