Mortgage Problem With Ex

LegacyUser

Hi there,

I read a post on this forum a couple of weeks ago that struck a chord with me. The poster said, they had been asked by their sister to purchase her home, as the bank where going to repossess it. The advice here was obviously not to get involved.

The post has spurred me on to tell my story and the nightmare I’ve been living for the past couple of years.

My ex partner was heavily involved in a sector that has been badly hit by the recession. He had bought numerous properties that he sold at a loss. The pressure was mounting from his debtors and he was forced to sell his home. The only property he had to his name was an investment apartment in the midlands. It was not viable that he lived there and we thought it best he moved in with me.

He was left with a relatively large sum of money from the sale of his home that he put aside; in case he had difficulties finding work. Difficulties finding employment had become an understatement as he has not being successful finding work and lives off the money he has left.

He had been finding it more difficult to get tenants for the apartment and asked me would I take a mortgage out on it, as the bank would possibly repossess.

I like an idiot took out a mortgage on the property and he has been paying it ever since.
This is where it gets tricky; I am now having difficulties paying my own mortgage and my loan provider is asking me to sell the apartment, even if I have to sell it at a loss; which sees me ending up with a large personal loan.

My ex is refusing to give me a couple of thousand Euro in advance to go towards the mortgage payments for the apartment and I am worried sick that he will either stop paying altogether or will emigrate.

I know this is all down to my own stupidity but I am at a loss what to do.

I would be very appreciative if someone could shed some light on where I can go from here.

Pandora2

Get legal advice Monday:( you are as well to know all the implications of this situation at the very outset and then you have the best chance of emerging from it with the least amount of damage. You need to be decisive here...Damage Limitation!

The very best of luck!

God people are really suffering so much :(:(

LegacyUser

Hi Pandora, thanks for your response. I have spoken to a solicitor and they tell me there is very little they can do. They don't advise me to hand back the keys either as the bank will chase me for the remainer of the debt. I am considering emigrating to get away from it all. I made a stupid, stupid mistake in taking out the mortgage.

Pandora2

Sorry to hear that.......but, as legally you own the apartment...can you not put it on the market??? If you fear him leaving you anyway...what damage could it do??? Have you approached the local Council about them taking a long lease on the property?? They do this now...well some Council's do....you would have to check locally.

Even if you emigrate...it will always be with you....best to knuckle down and deal with it......if there are any initiatives afoot that would help those in trouble with mortgages, going abroad could take you out of that loop and as you are aware, the debt will never go away.

One of those times when I wish I had a magic wand and could fix this for you...........you are not the only one to come out the wrong end of "helping" another and what doesn't kill you makes you stronger, I promise;)

I am a friend

Emigrate and do what with the apartment and mortgage?

dissed doc

My entirely non-legal opinion would be to put the apartment on the market immediately and get rid of it, then pursue him for the remaining debt.

If he has a large some of money from a house sale then he can afford to pay for his own apartment in the first place. I am not sure how you ended up in a situation like that (he has buckets of cash, and a mortgage but doesn't want to pay it with his cash so he gets you to take *another*? second mortgage on the home?

Is that even legal? Two people taking two separate mortgages on the one property?

Or, did you buy the apartment off of him - allowing him to clear his mortgage on the apartment in question. Wow.

tenchi-fan

Do you legally own 100% of the apartment? I mean, did you buy it from him with the money the bank gave you?

How much would you get for the apartment if you sold it?

How much is outstanding on the mortgage?

Need more info before we can advise you.

Acoshla

Just to say OP there is no such thing in Ireland as "handing back the keys", the bank don't want the house/apartment/property, they just want the money outstanding to them.