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Mortgage woes

  • 29-04-2014 1:32pm
    #1
    appletara
    Registered Users, Registered Users 2 Posts: 39 ✭


    Hi all

    I have had a look through previous threads but looking for up to date advice for a good friend.

    Short story is that husband left her and moved to an apartment nearby with friends. Now, he has decided not to have anything to do with mortgage/house etc - he won't answer letters etc and just isn't dealing with it. She can pay 3/4 monthly payment max but cannot make the other 1/4. Bank won't reduce the monthly payments for her so she has constant shortfall which she just cannot meet. Bank tell her that they are only dealing with her as she is the one paying i.e they can't get him to engage at all with them.

    So - question is this, what steps should she take (if any) to get the bank to pursue him for his half- she has provided them with all his details and as I said is willing/able to pay 3/4 of monthly payment (with a renter). Should she have her solicitor write to him herself or is it the banks job to go after him? surely he doesn't get to just walk away from this? Realistically the bank will probably take the house from her.


Comments

  • #2
    Pat Mustard
    Registered Users, Registered Users 2 Posts: 9,554 ✭✭✭Pat Mustard


    She has marriage and debt problems. She needs professional legal and financial advisors to work out a realistic strategy to achieve a long-term, workable solution.


  • #3
    ShowMeTheCash
    Registered Users, Registered Users 2 Posts: 2,651 ✭✭✭ShowMeTheCash


    Maybe not relevent but does she have kids?

    Usually in these cases you need to sell the house! (Not so easy with kids)
    If he is not living there and refused to pay his share and she cannot buy him out you are in a situation where she cannot afford to live there and he has left...

    After the house is sold if at a profit the profit is split, if at a loss each will get a portion of the debit.

    The house being taken by the bank is bad for both parties.. They willl auction it probably take a smaller amount that perhaps its worth...

    But as already suggested she would need to speak to a solicitor.


  • #4
    whippet
    Registered Users, Registered Users 2 Posts: 7,718 ✭✭✭whippet


    askaboutmoney.com have a section dedicated to this type of situation.

    The general problem is that each party in the mortgage is liable for the whole mortgage. So if he isn't making a contribution the onus will fall on herself .. this is the idea of a joint mortgage. And as such in theory if she manages to keep the payments up and when the mortgage is cleared he will own half the property.

    The only call is to engage a solicitor and try draft up a formal separation agreement and in that the issue of the property and debt can be formally sorted.


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