Named on mortgage but not living at address

N

Nowarb

Guest
Hope some one has some ideas. My daughter and her boyfriend could not afford to buy a house on their own. When her mother decided to move away they agreed that my daughter and my ex wife would take out a mortgage on my ex wifes home and she and her boyfriend would live there and make all the repayments. This went on for nearly a year and then my ex wife decided she needed to move back to her house. My daughter moved out but did not take her name off the mortgage because they had a fixed rate which runs til next September. Now her mother has told her she cannot afford the mortgage and will let the house be repossessed! They are saving and this will adversley affect their credit rating. What can they do?
 
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If her mother disontinues payments on the mortgage, from what I understand, the bank will simply come after your daughter for the payments. What happens after that I am unsure of, but others that are better versed in this area should be able to tell you.
 
Can they not move back in and start making the repayments again? Let the mother move out to find affordable accomodation.
 
It sounds like they need to sell the house. Wouldn't your daughter and her mother be better off renting if they can't afford the mortgage?
 
Name on mortgage but not on deeds

They are tied in until Sept 09. Someone asked if my daughters name appeared on the deeds. It does not - only on the mortgage papers. Will this make a difference if her mother defaults on repayments?
 
Thank you for replying. The mothers house is on the deeds - my daughters name appears only on the mortgage. Will this make a difference.
 
Re: Name on mortgage but not on deeds

Nowarb said:
They are tied in until Sept 09. Someone asked if my daughters name appeared on the deeds. It does not - only on the mortgage papers. Will this make a difference if her mother defaults on repayments?
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It means that they come after her for money , but she has no rights to the house.

Even if she moves back in pays the mortgages she is only paying for someone elses house.
 
Re: Name on mortgage but not on deeds

Thats what I thought. I am beginning to think that the best idea is for my daughter goes to the mortgage company and tell them what has happened. Her boyfriend and her are hoping to get their own place soon and have a deposit in place. Perhaps the mortgage company will help them?
 
Re: Name on mortgage but not on deeds

Nowarb said:
Thats what I thought. I am beginning to think that the best idea is for my daughter goes to the mortgage company and tell them what has happened. Her boyfriend and her are hoping to get their own place soon and have a deposit in place. Perhaps the mortgage company will help them?
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They are more lightly to go after that deposit to make up the shortfall on the first mortgage.

With her name on mortgage that is in arrears then I don't think any bank will even look at her application.
 
Re: Name on mortgage but not on deeds

jhegarty said:
With her name on mortgage that is in arrears then I don't think any bank will even look at her application.
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Would agree that this is probably the case.

I dont understand something - if the mother is willing to let the house be repossessed then why cant she just let the daughter move back in and continue making repayments as before?

What names are on the mortgage loan? Both mother and daughters? What names are on the deeds? Just the mothers?
Why did your daughter allow this situation to arise?
Was there an original mortgage with the mothers name on it only? Did your daughter just suddenly add herself to the loan but not to the deeds?
What role does the boyfriend play - is he just paying rent?
 
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