separation house in neg equity

R

railroaded

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Hello

Would anyone have any advice on the following dilemma?
house bought 05. 550k mortgage. 60k negative equity. I put downpayment
200k cash, partner 50k. Partner lost job in 08.separated 2010.
12k arrears (partners)recapitalised in 07.Judgment mortgage of 10k. We have been offered a free place to live and just want out.What to do?

Thanks
 
What is the judgement mortgage for?

Will the bank let you sell and pay back the negative equity as a loan (at the same rate and terms of the current mortgage), have you asked them.
 
Thank you Bronte

The judgement is ex partners credit card debt.I fear there are more to come...
The bank have offered to "downsize" me as the mortgage is unsustainable.So stressful.
ex refusing to engage.
 
Well the judgement mortgage doesn't matter anyway as the property is in negative equity. But not a lot of negative equity.

If you didn't have the property would you be able to repay a loan of 60K over time?

What do you mean by 'downsize'? And what do you mean by free place to live?

Whatever you do and however you do it and no matter how angry you are you need to get back on speaking terms with your ex to get this sorted.
 
The bank have offered me a years interest only on condition I sell spain and plough
all the proceeds into my main mortgage. afraid these proceeds may be
swallowed up into black hole of future price drops/exes large debt problems.A relative
has offered me a house rent free for a time. alternate offer of downsize to
smaller house=lose work space and put the kids thru more trauma. stark choice.
 
Sell Spain!!
Not mentioned on your initial post. You are currently in arrears, so the conditioned offer of interest only for 12 months is no big concession from the Bank. No details on net income from your post or how many children you are supporting (inference is that ex-partner is not contributing to this support!).
Assuming the PDH is owned jointly, you will need to co-operation of your ex partner in any deal done with the Bank. I would be looking for some element of a deal with the Bank ultimately. If you can successfully sell Spanish property you could be in a good condition to do a deal. Ideal here is if you can get someone to intermediate with the Bank on your behalf. These should be scope to leave you with some funds from sale of a foreign property!
 
Who owns Spain? In your own name or joint names?

If you want out, put the property on the market now while also putting Spain on the market. If you get a sale, the bank should allow you to go through with it. I don't know if the guys with judgment mortgages can stop a sale? But try to sell it before any more are lodged against it.

If partner doesn't engage, then it may stand to you in later separation or divorce proceedings. But you have to force his hand.
 
Thank you all

Spain in my name.Want to keep family home for three kids ( not partners).Ex refuses to engage after two years solicitors etc .stress.Appearently waiting to be offered cash to come off the deeds...Given the arrears 30k,his judgement 8k,his 50k deposit & 3 years of paying the mortgage also the 80k negative equity would he seriously be entitled to anything? ideas re; appropriate offer to put an end to the stress?
 
You said 60K negative equity in first post, and now 80K which is it? To end the stress you have to be proactive. After two years what does your solicitor advise, will the bank agree to let you sell and pay back the negative equity (just you not your ex) over time.

Are you saying that there is a property in Spain with no mortgage and you are unwilling to sell this to sort out the financial tightrope you are in with your ex because you want to keep the Spainish house for your kids.
 
Apologies re;different negative equity figures.Varying agent estimates.
Ex has refused to engage for two years.Am happy to sell spain.May take time.solicitor
thinks ex hedging/time wasting hoping to benefit from sale of spain and/or return to positive equity. Need him off the deeds but cant pay.shouldnt he be paying me to come off deeds eg half the negative equity?Bank would allow transfer in return for spain.
would prefer to keep PPR for kids stability, but not if he can come back years later.
 
railroaded said:
Need him off the deeds but cant pay.shouldnt he be paying me to come off deeds eg half the negative equity?Bank would allow transfer in return for spain.
would prefer to keep PPR for kids stability, but not if he can come back years later.
Click to expand...

What exactly will happen if you sell Spain? You pay back the bank some (negative equity or more or all of money) off the PPR mortgage and they agree that you will take over the remaining mortgage in your name only and get your ex off the deeds.

Has the bank agreed this in writing, if no, I would be asking the solicitor to write to the bank to get clarity on this.

I agree that your ex is time wasting in the hope of benefiting, which he will actually when you take over the full mortgage. But no point explaining that to him I guess.

Has your solicitor told you that you will be able to force him off the deeds? What exactly has been the advice from your solicitor on this? (getting ex off deeds, mortgage into your name and dealing with judgement mortgage). And what actions exactly have been instigated against your ex if any.

Yes your ex technically should pay his share, but neither of you has a share of anything (negative equity), and you want it sorted so for that you have to pay more. Be willing and happy to do this in return for moving on and for your children.

If there is any chance that your gain from Spain will somehow get used to pay off the judgement mortgage, and it's not an area I'd be familar with, but just in case, then think twice before using that money to pay down the mortgage. Normally a judgement mortgage against your husband would be enforceable against his share, in this case he has no share due to the negative equity, but presumable you cannot get him off the deeds unless that judgement is either satisfied or discharged. Ask your solicitor how that works.
 
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