Name on a mortgage

Cherrypie67

Hi everyone
I am looking for some general advise if someone can offer any.
Basically my name is on a mortgage for my family home. My mam and late dad remortgaged a few years ago to help my brother get a house. 50k.
My mam was my dad's carer and as they didn't have the income I had to be added . To cut a long story short it's now in dept,although the bank has agreed an amount lower each month.
I know I can't go on another mortgage with my boyfriend so we have agreed he will get it himself and I will live there.
However we want to get married in a couple of years but he says he doesn't think we can as if we marry the bank can go after him for the money owed on my family home.
Is this something the bank would most certainly do until the full amount is paid back? There is still a lot owed.
I am worried sick about this.

Bepolite

Get proper legal advice on the entire scenario. Like everything shop around in relation to a solicitor.

Don't worry yourself sick over mortgage debt, the absolute last thing a bank wants to do is reposes a house, the chances are they'll be able to do bugger all with it.

GerardKeating

Cherrypie67 wrote: »

Hi everyone
I am looking for some general advise if someone can offer any.
Basically my name is on a mortgage for my family home. My mam and late dad remortgaged a few years ago to help my brother get a house. 50k.
My mam was my dad's carer and as they didn't have the income I had to be added . To cut a long story short it's now in dept,although the bank has agreed an amount lower each month.
I know I can't go on another mortgage with my boyfriend so we have agreed he will get it himself and I will live there.
However we want to get married in a couple of years but he says he doesn't think we can as if we marry the bank can go after him for the money owed on my family home.
Is this something the bank would most certainly do until the full amount is paid back? There is still a lot owed.
I am worried sick about this.

In theory, the bank cannot go after your husband to pay your debts, but they can go after any jointly owned assets.

Cherrypie67

I would have thought that but can't help worrying. I want to get married.I accept I can't buy a house with him. We are only hoping he will be accepted on his own.

Should I go to a solicitor? If so what type?
I don't suppose I can't get my name off this one? It's just so messed up. My parents were so silly

Cherrypie67

My boyfriend ssaid the family home protection act 1976 means if we marry,by law half the house will be mine. This is a joint asset and they can go on this.

Pro Hoc Vice

Cherrypie67 wrote: »

My boyfriend ssaid the family home protection act 1976 means if we marry,by law half the house will be mine. This is a joint asset and they can go on this.

Not correct. The family home protect act only stops the person in the marriage who owns the family home from dealing with the house in any way with out permission of the other spouse.

Cherrypie67

I don't understand what you mean infosys. So half the house won't be mine if we marry? Even though he got the mortgage himself?

Bepolite

Cherrypie67 wrote: »

I don't understand what you mean infosys. So half the house won't be mine if we marry? Even though he got the mortgage himself?

When it comes to an asset as important as the family home, and indeed, real property (e.g. houses, land) the law gets quite complicated. Traditionally men owned the houses and the woman looked after the 'home'. This resulted in houses being sold out from under families. The FHPA doesn't mean you own half the house, it simply means it can't be sold out from under you. You might not have any legal ownership of the house at all.

As regards to other forms of ownership (e.g. equitable ownership) you will need to do a bit of reading and get some advice. I's google solicitors in your area, ask around friends and family and shop around for prices. They will be able to give you some concrete bottom line answers without you having to wade through the law of real property and equity. If you want to, fair enough, it's a very interesting topic, but it's really an area many law students come unstuck on.

Cherrypie67

It sure is complicated. My own family home where I live now is in dept. it's interest on,y repayments now. My brother pays these. We had the bank here and explained it all.
My mam is only on her widows pension now. My brother repays the mortgage as that was the agreement. It's just s@@te I was added to it.

We are only hoping my boyfriend qualifies on his own to get a mortgage.
That would be great if we married and it just meant he can't sell it from under me. He is convinced that if we marry they can chase him as well and his future earnings or the house we buy could be potentially be repossessed.

Pro Hoc Vice

Cherrypie67 wrote: »

It sure is complicated. My own family home where I live now is in dept. it's interest on,y repayments now. My brother pays these. We had the bank here and explained it all.
My mam is only on her widows pension now. My brother repays the mortgage as that was the agreement. It's just s@@te I was added to it.

We are only hoping my boyfriend qualifies on his own to get a mortgage.
That would be great if we married and it just meant he can't sell it from under me. He is convinced that if we marry they can chase him as well and his future earnings or the house we buy could be potentially be repossessed.

Why the need to buy a house, the purchase of property has already caused serious issues for you and your parents. Why not sit down with a good advisor and look at all the issues.

ABajaninCork

I asked this on your other thread. Why can't your name be taken off the loan?

And I'd be getting legal advice. Fast.

Cherrypie67

It's my family home that was remortgaged my parents didn't buy anything. They remortgaged to give my brother money.


Sorry I posted there first and was told to go here.
My name can't be as my mam was my dad's carer and they didn't have enough income to get the remortgage. I was added to boost it. My parents were not the most educated people,and I guess they didn't fully understand it all. They wanted to help him put but ended up ruining things for me long term
So the Solisitor at the time said I should go on it and I signed it so my name is on it.
My credit history now says I have a mortgage of 50k they said I can't be removed as I signed it.

Nicklong

Hope you get it sorted, so many things we don't even think of. The banks own us

Nicklong

Hope you get it sorted, so many things we don't even think of. The banks own us

Nicklong

Hope you get it sorted, so many things we don't even think of. The banks own us

Pro Hoc Vice

ABajaninCork wrote: »

I asked this on your other thread. Why can't your name be taken off the loan?

And I'd be getting legal advice. Fast.

A name can of course be taken off a mortgage or added to one, but the lender must agree. A solicitor can of course ask on your behalf, but I would not hold out much hope.

But I can't understand, your brother has a house (he borrowed off your parents house to buy it) you and your parents have a house. I know your parents house has a loan, I am assuming so does your brothers. You have said your parents can't in reality afford the loan and are currently being supported by a brother I assume the same brother. Now you and future husband want to buy and borrow for a third home. Even after the burning ye as a family have suffered.

What ye need is a good advisor who has all the knowledge about what is owed on each house, what is equity, what is earning potentional of each party. To advise on best way forward. An option maybe for you and husband to take on the family home payments. Transfer that home to you and husband but give parents a life interest. It may not be a runner but if you have not looked at all the options, bringing extra debt on your family (I mean the broader extend family) with no extra means to pay in at least the medium term may be foolish.

The above is just ideas, not advice and just so you may think of more solutions. It was madness of your parents to borrow money for your brother, it was madness of you to go on mortgage, is the purchase of a new house by you and your future husband even more madness. If you keep doing the same thing over expecting a different result is the definition of madness.

ValleyoftheDoll

ABajaninCork wrote: »

I asked this on your other thread. Why can't your name be taken off the loan?

And I'd be getting legal advice. Fast.

When a mortgage is in arrears it is very unlikely that a lender will allow a name to come off the mortgage as this will increase the lenders risk as there will be one less person they can seek payments from,

OP you do need to get legal advice.

Pro Hoc Vice

Cherrypie67 wrote: »

It's my family home that was remortgaged my parents didn't buy anything. They remortgaged to give my brother money.


Sorry I posted there first and was told to go here.
My name can't be as my mam was my dad's carer and they didn't have enough income to get the remortgage. I was added to boost it. My parents were not the most educated people,and I guess they didn't fully understand it all. They wanted to help him put but ended up ruining things for me long term
So the Solisitor at the time said I should go on it and I signed it so my name is on it.
My credit history now says I have a mortgage of 50k they said I can't be removed as I signed it.

So the amount owed on the family home is €50k. What is the current market value. What is the value of the house you want to buy. Do you and husband have rnough income to support a mortgage amounting to new purchase plus €50k. Say new house is 125k can you and husband borrow a total of 175k. If ye can and have good deposit for new house and can show bank ye can clear both mortgages in 20 years. A 50 k loan to clear in 10 years is €400 a month. I'm not sure I am seeing a problem here unless I am missing something.

Cherrypie67

The agreement was my brother would pay it back. He has no legal contract to do it. It was a gentleman's agreement. He doesn't support us! My parents remortgaged to give him the money. He pays it back. It's in dept. he is struggling but he pays it. Interest only.
He owns his own home but has no legal agreement with ours.he can walk away if he chose to do so. My late dad,mam and my name is on it only. Well not dad anymore. It falls to my mam and me. We don't pay anything. He got it he pays it. But it's my name attached to it that worries me so much.
I was told it can't be removed.

Cherrypie67

Valleyofthedolls. Yes that's what I would assume also. I am just someone to go after. So my fear is if I marry they can go after my husband and assets he has. Like his car or the home we wanted to get. It's just so messed up.

Pro Hoc Vice

Cherrypie67 wrote: »

The agreement was my brother would pay it back. He has no legal contract to do it. It was a gentleman's agreement. He doesn't support us! My parents remortgaged to give him the money. He pays it back. It's in dept. he is struggling but he pays it. Interest only.
He owns his own home but has no legal agreement with ours.he can walk away if he chose to do so. My late dad,mam and my name is on it only. Well not dad anymore. It falls to my mam and me. We don't pay anything. He got it he pays it. But it's my name attached to it that worries me so much.
I was told it can't be removed.

A 20 year loan on 50k is 250 a month if you can't afford that (ignore brother now) how can you afford a new house. This really is not adding up. Unless I am missing something.

mari2222

Do you own the house your parents live in? Do you live there? Can your hubby move in? Can you extend it if needed?

what is the rush to buy another house for?

ABajaninCork

ValleyoftheDoll wrote: »

When a mortgage is in arrears a lender will not allow a name to come off the mortgage as this will increase the lenders risk as there will be one less person they can seek payments from,

OP you do need to get legal advice.

I asked because it wasn't clear from the OP's posts what the state of play was.

Are the arrears very large? It's only a 50k loan. The lender might well agree. But you do need legal advice.

Pro Hoc Vice

Cherrypie67 wrote: »

Valleyofthedolls. Yes that's what I would assume also. I am just someone to go after. So my fear is if I marry they can go after my husband and assets he has. Like his car or the home we wanted to get. It's just so messed up.

It's not messed up, it's 50k seriously if you and brother and husband can't work between ye to clear mortgage in 10 or 20 years. How will ye afford car, house etc. this is your Mams home, I accept it's not your fault, I accept its a pain but this is not an insurmountable problem.

Your brother can't just walk away from the debt you and or your mam can sue him if he does walk away.

Cherrypie67

Infrosys I am not paying for this mortgage. He took it out he can pay it back. He pays every month. A deal is set up with the bank. They know the story and think it's very sad but they don't care.
I've done nothing wrong except signing the contract that the Solisitor advised me to at the time. No one would have thought this would happen.
My name is attached to a dept I didn't cause.
When my mam passes away I guess I'll just sell the house and give them their owed money. I think about €35k is still owed.

Cherrypie67

I want to start a future with my boyfriend of eight years. We want our own home like everyone else.
I don't pay the remortgage my brother does!!!!!!
It was taken out for him. I am just a regular girl that lives at home with her mam still! I don't own anything This was my parents home. It was remortgaged for him,stupid I know. It's now in dept. my name is attached to that dept.

Pro Hoc Vice

Cherrypie67 wrote: »

Infrosys I am not paying for this mortgage. He took it out he can pay it back. He pays every month. A deal is set up with the bank. They know the story and think it's very sad but they don't care.
I've done nothing wrong except signing the contract that the Solisitor advised me to at the time. No one would have thought this would happen.
My name is attached to a dept I didn't cause.
When my mam passes away I guess I'll just sell the house and give them their owed money. I think about €35k is still owed.

The following is not meant to sound mean, but you should not get a new mortgage. Seriously there is a simple solution, it's one the bank would jump at.

You signed the mortgage it is your liability, thankfully is low money and I assume the full liability is covered by the value if the house. The mortgage needs to be paid, if in arrears brought upto date. It could be cleared with little effort in 5 to 10 years. Once bank see that all in place they may lend on new house.

But seriously (not being mean, but honest) but if this is you and your other half a reaction to a 35k debt fully covered by an asset, ye should not be allowed to borrow.

Cherrypie67

I can not sue him. His name isn't on it to pay! There is not contract to say he has to pay. You are not following me. There is no contract connecting him with the remortgage. My parents took it out for him,I was added to it. It was a mutual agreement with my parents they would give it to him but he pays it back.
He isn't actually connected by contract.
My boyfriend wouldn't pay it back. He happened years before we got together.

Pro Hoc Vice

Cherrypie67 wrote: »

I can not sue him. His name isn't on it to pay! There is not contract to say he has to pay. You are not following me. There is no contract connecting him with the remortgage. My parents took it out for him,I was added to it. It was a mutual agreement with my parents they would give it to him but he pays it back.
He isn't actually connected by contract.
My boyfriend wouldn't pay it back. He happened years before we got together.

You can sue him, the money was given to him he has had the benifit of the money. He does not have to sign anything he can be sued very simply in the Circuit Court.

I'm really not getting involved in this, this so easy to solve with just a bit of good legal and financial advice.

Cherrypie67

My boyfriend has nothing to do with it at all. He did nothing.
The repayments are being made by my brother as he ws
As given the money. He has the good will to pay it back. He doesn't have to. No one can make him but he does.

I can't go on another mortgage with my boyfriend but he can hopefully get one on his own and I can live there.
I asked can he be chased for the money if we marry.

Cherrypie67

I probably could sue him I guess but I wouldn't do it. He is paying it back. It's just it have affected my credit.

Pro Hoc Vice

Cherrypie67 wrote: »

My boyfriend has nothing to do with it at all. He did nothing.
The repayments are being made by my brother as he ws
As given the money. He has the good will to pay it back. He doesn't have to. No one can make him but he does.

I can't go on another mortgage with my boyfriend but he can hopefully get one on his own and I can live there.
I asked can he be chased for the money if we marry.

You are incorrect on both counts. Fact if you don't believe me check with any local solicitor 1 your brother does legally have to repay. 2 you and husband can get a mortgage as long as the family home loan has been and is current then the worst that will happen is that you and husband can borrow 35k less than ye will be sanctioned for.

Maths lesson your other half earns 35k you earn 25k the max loan you can get will be possible 2X his so 70k plus yours do total 95, less 35 ye can borrow 60k. The multiplex are worst case and if income more then higher borrowing.

Go to a good financial advisor and solicitor or give up the idea.

Pro Hoc Vice

Cherrypie67 wrote: »

I probably could sue him I guess but I wouldn't do it. He is paying it back. It's just it have affected my credit.

If he is paying it back it has not effected your credit.

professore

infosys wrote: »

If he is paying it back it has not effected your credit.

He's paying interest only. So that would affect credit ratings.

Cherrypie67

It has affected my credit. I ordered a copy of my credit and it says I borrowed €50k he missed a lot of repayments. The bank was in my house,it was moved to a decoy collector etc. they now have agreed on lower repayments that he can affored.

homemadecider

Why on earth did you sign the agreement? Did you not think about your future at all??

Cherrypie67

I was 22 years old. The Solisitor told me I should sign it. I didn't question it. I didn't think this would happen. He said he would remortgage his own house after two years and pay it back in full. He didn't.

homemadecider

Have you talked to your brother about getting his name on the mortgage instead of yours? If not, why not?

Cherrypie67

Yes I have. He said no problem. The bank said no way. He didn't borrow it. He got the money but he didn't sign anything.

homemadecider

Sorry if I'm being slow but it doesn't add up. Why did he not sign anything but you did? Did you never stop to think why you were putting your name down but he wasn't? Did you never ask this question at the time?

johnnyskeleton

Cherrypie67 wrote: »

However we want to get married in a couple of years but he says he doesn't think we can as if we marry the bank can go after him for the money owed on my family home.

What an asshole!

Cherrypie67

It was a mutual agreement between him and my parents. He would get the money. He would pay it back. The Solisitor said he didn't need to sign anything. I parents guaranteed it. They went guarantor.

They never thought in a million years this would happen.

Cherrypie67

Johnny are you referring to my boyfriend?

johnnyskeleton

Cherrypie67 wrote: »

Johnny are you referring to my boyfriend?

The guy who won't marry his girlfriend of 8 years just in case he has to take on her 50k debt? Yeah, what a hero.

Cherrypie67

But he didn't cause it? Why should he? What if the house we get is taken. What if his car or future earnings in taken? That would be my fault

Pro Hoc Vice

johnnyskeleton wrote: »

The guy who won't marry his girlfriend of 8 years just in case he has to take on her 50k debt? Yeah, what a hero.

Your wrong there Johnny its a 35k debt. Which is more than 8 years old, that nobody wants to pay, including the OP.

I had way more in this post but I deleted it, because I would rather enjoy what's left of my weekend.

OP you signed a deal, you have not taken care of your own business dealings and neither you or future husband have a clue about mortgages, best of luck to ye.

GarIT

The way it is at the moment is that you and your mother owe the bank 35k and your brother owes you 35k. This situation is clearly having a negative impact on your life. You brother had also agreed to get his own mortgage to pay you back but didn't. You need to progress with your own life and can't be expected to wait on your brother forever. He isn't holding up his end of the deal by not getting his own mortgage and not making the repayments (him remaining paying interest only will result in you oweing the money for life). These are the steps I would take:

1. Put pressure on the brother to get his own mortgage/loan to pay off this one.
2. Try too see if his name can be added to the mortgage in return for your's being removed.
3. If he can't do that, try to get him to sell as he can't afford the full repayments and it is affecting your credit rating.
4. Ask him to move back home and you move in there with the boyfriend until he can pay his debit to you.
5. At this point I would sue as he isn't cooperating and the situation will never change until you take action.

Pro Hoc Vice

Cherrypie67 wrote: »

But he didn't cause it? Why should he? What if the house we get is taken. What if his car or future earnings in taken? That would be my fault

You have been told he does not have to pay them, I can't even see the issue is your parents house worth more than 35k. Of course it is unless its falling down. The bank will enforce their security first,

GarIT

johnnyskeleton wrote: »

The guy who won't marry his girlfriend of 8 years just in case he has to take on her 50k debt? Yeah, what a hero.

I don't know about anyone else but both myself and the girlfriend agree that neither of us would marry the other if the other was in debt. Is a marriage certificate worth a possible 35K to him? It's not like they are going to break up over not being married.

Pro Hoc Vice

GarIT wrote: »

I don't know about anyone else but both myself and the girlfriend agree that neither of us would marry the other if the other was in debt.

Why not?

Will ye take on debt together.

Cherrypie67

Garit finally someone who can actually understand English and said something useful.
Infosy enjoy your weekend.