mortgage with my ex

xxbrady

i have a mortgage with my ex for an apartment, they mortgage is now at around 140k. I lost my job so it would be impossible to even try get mortgage to buy him out of his half, he's still working at the same job for years earning great money. he refuses to buy me out, i offered to just give him the apartment that I dont want a penny I just want away from him. I have been to solicitors, mortgage advisors u name it, the apartment is being rented for 480 a month, we both have to pay 100 a month, which at the moment i cannot afford 100 a month, i told him that I couldnt pay the 100 ( thought it might encourage him to take over mortgage) he now tells me that if I dont pay my half bank will take me to court and not him. i cant afford my 100 this month so there wont be enough in the account for mortgage to go through. Any advise?

3DataModem

If you stop paying, they will pursue you both for arrears. They won't care whose half is who's and they won't listen to one owner blaming another for not paying their "half".

1. Remind your ex of the above

2. Remind him that any arrears affects both of your credit ratings. And remind him that arrears or restructuring could affect the interest rate being paid.

3. Write to the bank advising them;

(a) your financial circumstances have changed, and you can't afford to subsidize this investment property anymore

(b) ex has refused to discuss restructuring of the debt

(c) you are willing to discuss restructuring with bank AND ex. You are also willing to provide a statement of affairs for yourself.

Make sure you CC letter to your ex. Send by registered post.

Writing to the bank and being honest is the responsible thing to do if you genuinely can't afford repayments. The above advice will also spur your ex into action unless he is a fool.

xxbrady

i have an appointment arranged with financial advisor in ulster bank (i have mortgage with them) to see can an arrangement be made to lower payments for the nxt 6-12 months.
advised ex of this, he says he doesnt need payments lowered as this will cause a delay in paying off mortgage.. he also says that he went to the bank when I told him that I coulnt pay this month. Apparently UB told him that they can take me to court for not paying my half and not him, that it will be clear on the account that his standing order of 100 a month is being paid so therefor i am liable not him. I guess I will have to wait & see what bank says at my appointment, I also rang the UB head office last week to say there would only be 580 in the account not 680 for this months mortgage

unclebill98

As said its a joint debt. Both parties are liable and both will be pursued by the bank.

As for your meeting with UB. Its called Flex. They'll assess your income and out goings but in your situation it will have to be done jointly with the other person. So any outcome for reduced payments will be based on both incomes and out goings and not just yours. If he is earning "great money" then I can not see them reducing the payments at all.

I'm afraid Legal advise is your only option in this matter.