So in short ...
Discussion
scotal said:
I dont think they'll release you from the mortgage, i.e you couldn't sell the house.
Thanks Scotal, that's what I thought. However I have been told if the sale was forced it would go to court and end in a reposession order, is that correct? If so has anyone had any experience with such a scenario.Road Pest said:
scotal said:
I dont think they'll release you from the mortgage, i.e you couldn't sell the house.
Thanks Scotal, that's what I thought. However I have been told if the sale was forced it would go to court and end in a reposession order, is that correct? If so has anyone had any experience with such a scenario.If so why would you force a neg equity sale?
I'm guessing here, but the lender is going to tell the vendors to fk off, the lender after all has first charge on the house.
The only way the sale would be forced is by the lender, who would have to have a good reason to force the slae.... which would have to be non payment of the mortgage...... advising someone not to pay their mortgage so the house was repo'd would be a good one. Get the cause for concern register out.
Road Pest said:
Yep, it's matrimonial. I'm pretty sure that what I know already is correct, just needed to put the feelers out there to see if anyone had practical knowledge.
If its you, I'm sorry to hear that. Forcing a sale at the moment can only be through spite if the house is in neg equity.
Better that if one of the parties is in a postion to take on the whole mortgage blaance, they do.
ETA assuming of course the house is in joint names. If its in sole name then one party can just walk and the other is saddled with the debt.
Edited by scotal on Wednesday 22 April 10:13
scotal said:
Road Pest said:
Yep, it's matrimonial. I'm pretty sure that what I know already is correct, just needed to put the feelers out there to see if anyone had practical knowledge.
If its you, I'm sorry to hear that. Forcing a sale at the moment can only be through spite if the house is in neg equity.
Better that if one of the parties is in a postion to take on the whole mortgage blaance, they do.
ETA she wants to move abroad which is why the sale would be her ideal move
Edited by Road Pest on Wednesday 22 April 10:20
Road Pest said:
NDA said:
I note your profile says 'Manager (Finance)'.
Why are you having to sell?
Unfortunately even "we" have problems sometimes.Why are you having to sell?
If you're in negative equity you're stuck, unless you walk out and continue paying your share of the mortgage. If she walks out and defaults then you're up the creek.
Awful situation.
If the house is in joint names then surely she is responsible for 50% of the negative equity? Still not an ideal situation but if you could raise your 50% share of the negative equity and pay this off if you could sell it then would she be left with a financial problem to be solved on her own and your credit rating undamaged?
If she does not understand the finance implications of selling a house with negative equity perhaps a simple explanation of her "share" of the problem will ensure she understands she just cannot walk away.
Sorry to hear of your troubles but don't let personal feelings come into this financial arguement.
If she does not understand the finance implications of selling a house with negative equity perhaps a simple explanation of her "share" of the problem will ensure she understands she just cannot walk away.
Sorry to hear of your troubles but don't let personal feelings come into this financial arguement.
NDA said:
Road Pest said:
NDA said:
I note your profile says 'Manager (Finance)'.
Why are you having to sell?
Unfortunately even "we" have problems sometimes.Why are you having to sell?
If you're in negative equity you're stuck, unless you walk out and continue paying your share of the mortgage. If she walks out and defaults then you're up the creek.
Awful situation.
Grey Ghost said:
If the house is in joint names then surely she is responsible for 50% of the negative equity? Still not an ideal situation but if you could raise your 50% share of the negative equity and pay this off if you could sell it then would she be left with a financial problem to be solved on her own and your credit rating undamaged?
If she does not understand the finance implications of selling a house with negative equity perhaps a simple explanation of her "share" of the problem will ensure she understands she just cannot walk away.
Sorry to hear of your troubles but don't let personal feelings come into this financial arguement.
Thanks, we've already gone through this, but she sees that a solicitor is better placed to tell her what is what rather than me, which is fair enough. I hope I am not coming across over emotional, these things happen.If she does not understand the finance implications of selling a house with negative equity perhaps a simple explanation of her "share" of the problem will ensure she understands she just cannot walk away.
Sorry to hear of your troubles but don't let personal feelings come into this financial arguement.
Road Pest said:
Grey Ghost said:
If the house is in joint names then surely she is responsible for 50% of the negative equity? Still not an ideal situation but if you could raise your 50% share of the negative equity and pay this off if you could sell it then would she be left with a financial problem to be solved on her own and your credit rating undamaged?
If she does not understand the finance implications of selling a house with negative equity perhaps a simple explanation of her "share" of the problem will ensure she understands she just cannot walk away.
Sorry to hear of your troubles but don't let personal feelings come into this financial arguement.
Thanks, we've already gone through this, but she sees that a solicitor is better placed to tell her what is what rather than me, which is fair enough. I hope I am not coming across over emotional, these things happen.If she does not understand the finance implications of selling a house with negative equity perhaps a simple explanation of her "share" of the problem will ensure she understands she just cannot walk away.
Sorry to hear of your troubles but don't let personal feelings come into this financial arguement.
"Yes you fkwit bimbo, of course the lender is going to write off £40,000 just because you have decided to shag some bloke from the gym and now want your freedom back to shag all his mates as well, probably at the same time. You have responsibilities and debts to service that you cannot walk away from what is so fking difficult for you to understand?".... was about the jist of it
Grey Ghost said:
Road Pest said:
Grey Ghost said:
If the house is in joint names then surely she is responsible for 50% of the negative equity? Still not an ideal situation but if you could raise your 50% share of the negative equity and pay this off if you could sell it then would she be left with a financial problem to be solved on her own and your credit rating undamaged?
If she does not understand the finance implications of selling a house with negative equity perhaps a simple explanation of her "share" of the problem will ensure she understands she just cannot walk away.
Sorry to hear of your troubles but don't let personal feelings come into this financial arguement.
Thanks, we've already gone through this, but she sees that a solicitor is better placed to tell her what is what rather than me, which is fair enough. I hope I am not coming across over emotional, these things happen.If she does not understand the finance implications of selling a house with negative equity perhaps a simple explanation of her "share" of the problem will ensure she understands she just cannot walk away.
Sorry to hear of your troubles but don't let personal feelings come into this financial arguement.
"Yes you fkwit bimbo, of course the lender is going to write off £40,000 just because you have decided to shag some bloke from the gym and now want your freedom back to shag all his mates as well, probably at the same time. You have responsibilities and debts to service that you cannot walk away from what is so fking difficult for you to understand?".... was about the jist of it
Road Pest said:
Grey Ghost said:
If the house is in joint names then surely she is responsible for 50% of the negative equity? Still not an ideal situation but if you could raise your 50% share of the negative equity and pay this off if you could sell it then would she be left with a financial problem to be solved on her own and your credit rating undamaged?
If she does not understand the finance implications of selling a house with negative equity perhaps a simple explanation of her "share" of the problem will ensure she understands she just cannot walk away.
Sorry to hear of your troubles but don't let personal feelings come into this financial arguement.
Thanks, we've already gone through this, but she sees that a solicitor is better placed to tell her what is what rather than me, which is fair enough. I hope I am not coming across over emotional, these things happen.If she does not understand the finance implications of selling a house with negative equity perhaps a simple explanation of her "share" of the problem will ensure she understands she just cannot walk away.
Sorry to hear of your troubles but don't let personal feelings come into this financial arguement.
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