Getting off deeds?
Discussion
Hi
Can you help. I have a friend who is in a sticky situation. She is living with her partner and has an interest only mortgage for a house in negative equity.
The other party is in a difficult financial situation, with a fair amount of debt, and is considering bankruptcy. He would not be able to take on the whole mortgage without her contribution.
Can she get her name off the deeds and off the mortgage so that she can exit this situation? What would be the best option for her with regards to getting some advice? (Solicitor / Financial Advisor?)
Thanks in advance.
GRL
Can you help. I have a friend who is in a sticky situation. She is living with her partner and has an interest only mortgage for a house in negative equity.
The other party is in a difficult financial situation, with a fair amount of debt, and is considering bankruptcy. He would not be able to take on the whole mortgage without her contribution.
Can she get her name off the deeds and off the mortgage so that she can exit this situation? What would be the best option for her with regards to getting some advice? (Solicitor / Financial Advisor?)
Thanks in advance.
GRL
Not that I am an expert, but for him to take over her half of the mortgage would mean him going through credit scoring to effectively borrow more in sole names, increasing the risk to the lender. They are likely to refuse his application.
You say he is in debt and unfortunately for him/her most lenders have made their scorecards tighter and heavily based on existing unsecured borrowing, making it potentially difficult to re-finance.
Are they staying together? Is it so bad that they can't sort it out together without writing it off? A friend has done an IVA and apparently has found it very trying indeed what with annual reviews, no flexibility and any equity going straight to his creditors.
He needs to consolidate as efficiently as possible and get it repaid ASAP.
Many people are trapped in houses with negative equity!
You say he is in debt and unfortunately for him/her most lenders have made their scorecards tighter and heavily based on existing unsecured borrowing, making it potentially difficult to re-finance.
Are they staying together? Is it so bad that they can't sort it out together without writing it off? A friend has done an IVA and apparently has found it very trying indeed what with annual reviews, no flexibility and any equity going straight to his creditors.
He needs to consolidate as efficiently as possible and get it repaid ASAP.
Many people are trapped in houses with negative equity!
GRL said:
The other party is in a difficult financial situation, with a fair amount of debt, and is considering bankruptcy. He would not be able to take on the whole mortgage without her contribution.
Can she get her name off the deeds and off the mortgage so that she can exit this situation?
No, is the short answer.Can she get her name off the deeds and off the mortgage so that she can exit this situation?
The lender will look at him (I assume his credit score is wrecked?)
Look at the house (which is worth less rthan the debt)
And wonder why the hell they should get allow anyone to do anything.
Your mate is jointly and severally liable for the mortgage debt.
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