Wife walks out, won't pay mortgage and expects her equity when a released from debt.

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leftsaidfred

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My wife has walked out, leaving me to pay the whole mortgage.
There are no children.
I have asked if she is willing to contribute her half of the mortgage up to the point I can raise enough cash to buy her out and release her from the mortgage. Her reply was no. I have a text message record of this. I have also advised her to seek her own financial advise.
She does eventually want to come off the mortgage, to be able to get her own property.
There is some equity in the property which she believes she will entitled to half.
She earns more than I do.
She has moved in with her mother so I believe will be paying minimal bills.
I have consulted a financial adviser and my salary is enough to cover the mortgage debt.
My issue is, while I pay the whole mortgage and save to pay her deposit and equity back to her to release her. Will I paying twice as far as the equity is concerned?
Can I argue that every time I make a payment her equity and possibly deposit is being eroded by the value of 50% of the mortgage payment?
I believe she wants her cake and eat it, as the saying goes.
 
not quite the same story - but my ex will not contribute to mortgage, and after seeking advices it seems that if you have the means to pay it you pay it... banks dont seem to care where money comes from as long as its paid...... i am opposite in NE and ex now maintains that he shouldnt have to pay any of that either!
Get advices quickly & contact bank.......
 
Hi

You should read this thread. Although it refers to negative equity, the principles are the same.

A guide to splitting up when in negative equity

Then post the information in terms of the value of the property, the amount of the loan and the interest rate. And also the market rent of the property.

Until this is resolved, you should ask the lender to put you on interest only. If they decline, then you should consider paying just the interest, so that you don't accumulate capital on her behalf.

It would probably be good policy to pay the full mortage for three months while trying to resolve it. If you are not reaching agreement by then, switch to interest only.

Brendan
 
Tell her you are only going to match her mortgage repayments till this is sorted out. So if she puts in zero, you put in zero. A few weeks of that and her chances of getting a mortgage are shot.
 
TommyB said:
Tell her you are only going to match her mortgage repayments till this is sorted out. So if she puts in zero, you put in zero. A few weeks of that and her chances of getting a mortgage are shot.
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It's not that simple.

Why should she pay the same as the OP?

He is getting the use of the house and should probably pay at least the interest on the mortgage.

These jointly owned and mortgaged properties are extremely difficult to resolve. The first step should be to agree a solution which is fair to both sides. If the other side does not cooperate at all, then it might call for more radical action.

Brendan
 
Brendan Burgess
Why should she pay the same as the OP?
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Because she signed up to the mortgage and agreed to the repayments over a certain term,she can't just decide not to honour this just because she has moved out.

If she want to be smart about it then a few missed payments will no doubt soften her cough a bit,finding it a bit tiresome at this point hearing about people who can pay their mortgage but elect not to,expecting others to pick up their tab.

A few missed mortgage payments will highlight this to the Bank when she next decides to take out a mortgage.
 
Hi Knuttell

She obviously has a legal obligation to pay the mortgage.

But, as of now, he is getting all the benefit from house, and she is getting no benefit.

But the OP might be better off coming to some arrangement whereby he takes over the mortgage and she signs over her interest in the house.

Brendan
 
leftsaidfred said:
My issue is, while I pay the whole mortgage and save to pay her deposit and equity back to her to release her.
Will I paying twice as far as the equity is concerned?

Can I argue that every time I make a payment her equity and possibly deposit is being eroded by the value of 50% of the mortgage payment?
QUOTE]

Yes and Yes, in my opinion.

You hold some cards namely:
1. there is equity in the house which she wants to get her paws on, she can either take you to court for it (expensive option for her) or she can try to come to an amicable agreement with you.

2. her credit rating is valuable to her, and you 100% control that. If you let the mortgage go into arrears her credit rating is shot. So keep that in your back pocket and pull it out as a threat (or an action) if needs be in the future

I'm assuming she will also stop contributing to the house insurance, the property tax, the mortgage protection and the life assurance. So tot up the value of all those, plus cost of maintenance of the house (set up a folder and put receipts for everything you spend on the house in there, keep records). Also keep a record of the date from whence you started paying the mortgage on your own.

As Brendan said, the amount by which you should be reducing her share of the equity is not a clear 50/50 as you are occupying the house and she is not. However there's no doubt that her share of the equity will have to be reduced in line with the number of years you paid the mortgage & household insurances/expenses on your own. You will have to calculate what you think it should be. Use the key posts.

For the moment try to keep her on board if possible because when you do have enough money saved up to get her off the mortgage, you'll need her to sign the forms to apply to the bank for this, and if you've alienated her and she refuses to sign the form you're in a right pickle (I should know!)
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Thank you to every one who has contibuted to the string, I am very greatful and it has given me some reasurance.
Once again thank you.
 
It's great you came back and acknowledged the advice, all the best in what you decide.
 
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