joing mortgage only one person wanting to pay

[robbie00]

Situation is couple signed a joined mortgage house valued 300k, couple have since split up with the house valued at 200k leaving say negative equity of 100k.

Any advice on what can be done, one party is still living in the property willing to meet half the repayments the other party will not meet there half of the payment even do they have money to meet there half of the repayments.

What can the person who is living in the house do? the other party wont even discuss the situation with them and just wants there name taken off the joint mortgage.

The person still in the house isnt willing to take on the negative equity owed by the other person who signed jointly on the nortgage.

Should they just contact the bank tell them they are willing to pay there half of the payment and that the other person has (list there assests) so they know they can meet the repayments and advise the bank to chase them up for the other half of the payments.

 

[burnt-toast]

The couple are joint and severally liable for the mortgage. If one stops paying that is not the bank's problem. They will simply chase up the person who is willing to pay for the money owed.

The person living in the house should really speak to a solicitor about their situation. A solicitor's letter might scare the other person into taking responsibility for their debt, or they may have to bring him/her to court.

 

[Bronte]

The person still in the house isnt willing to take on the negative equity owed by the other person who signed jointly on the nortgage.

.

Well they had better start thinking about doing so. If they can afford it they should pay it and hire a solicitor and go after the other person. As they cannot agree, never mind discuss, they need to do something that will make the other person listen.

There is no point in talking to the bank, they are not interested in people's personal problems, all they are interested in is that the mortgage is paid. Paying half a mortgage means arrears, more interest and threatening letters. But by all means talk to the bank on options in relation to making the payments more bearable.

 

[robbie00]

Thanks for advice not sure if this makes much difference. The person still living in the house has there name on the deeds the other person who moved out hasnt got there name on the deeds.

They both signed the joint mortgage agreement.

I am tempted to tell the person still in the house to let the bank take the house as its in negative equity of 100k and go bankrupt .They dont have any other assests that the bank can chase. Then the person who is refusing to acknowledge there half of the repayments can be chased by the bank as I know they have plenty of assets.