Selling a house in negative equity & splitting the mortgage shortfall in two

[leesidelily]

I'm wondering has anyone heard of this being done.

My partner left a while ago. Our house in in negative equity (100K). I've been making the full repayments but I cannot keep this up.

He has not contributed for almost nine months - either towards the mortgage or towards his child.

I don't earn enough to take on the whole mortgage by myself & to be quite honest I don't want to.

I would rather sell - I know some banks allow this but they offer a joint mortgage to cover the shortfall. This is no good to me as he will not pay the loan anyway.

I don't want to get a bad credit rating as I dont know what I will need to borrow for down the road. My child is only two & all our family are here so I don't want to rule out living in Ireland either.

If we could split the shortfall I would be perfectly happy to pay my half - only my half.

Has anyone heard of any bank allowing this to happen?

 

[Bronte]

No the bank won't allow you to do this, you both are jointly and severally liable. As you can't pay you can go into default, it will take the bank at least 2 years to get the house off you, there is a code of conduct on this. They will then try to get you and/or your husband to pay it back via installment order. Yes you will get a bad credit rating but in time that too will be gone and you can start again.

You should try Mabs, or do the money makeover on here.

There is no point your thinking along the lines of 'I'm willing' to pay half the negative equity as a bank is not going to be seeing it like this.

Also you may need to go after your husband for maintenance unless he has no income.