My ex allows mortgage to fall into arrears

sandyxxx

okay, he is currently living in the house at present and has lodgers currently paying my half of the mortgage, i must say, that i paid my full share when we split until we had tenants and also when we split i wanted both of us to move and rent out the house.

and now he's headin to oz after bein made reduntant....what am i to do?
can i set up an agreement to make him pay his share when he's away?

any advice would be appreciated!!!

WIZE

You need a lawyer by monday

mikemac

Sounds messy, you need a solicitor

You aren't paying towards it and he won't be able when he is out of the country and has no job here.

I suppose you'll have to rent the whole house but what if the rent doesn't cover the mortgage? Will ye make up the difference

sandyxxx

okay maybe i was a bit alarmist!! he sometimes puts the money into the wrong account and forgets tat it takes a few days for money to transfer between banks. we r not in arrears

but can i make he pay hes share if i cannot get someone to rent out the available rooms?

WIZE

who owns the mortgage to the house

sandyxxx

at this point renting the full house is not an option, with falls in rent, estate agency monthly fees, loss of first time buyers allowance!!

am so confused dont really find that solictors can really do much and cost a fortune!!

sandyxxx

BVB wrote: »

who owns the mortgage to the house

sorry been a little dumb here, not really sure wat u mean, we both took the mortgage out..

WIZE

But if he misses a mortgage payment will that effect your Credit rating

sandyxxx

BVB wrote: »

But if he misses a mortgage payment will that effect your Credit rating

to be honest i am not really sure with missed payment dates , if it fell by a month or two i am sure it would defo effect my rating

WIZE

sandyxxx wrote: »

to be honest i am not really sure with missed payment dates , if it fell by a month or two i am sure it would defo effect my rating

You need to get a lawyer ASAP . If you don't trust him why would you leave it too late

Seillejet

You seem a bit emotional on this.

Have you actually asked him, how long he plans to go to Australia for and what he plans to do to cater for his portion of the mortgage repayments now he wont be living in the house.

You say you wanted to rent the full house but he was living there at the time. Also you post on the title that he has allowed the repayments to slip into arrears but he hasnt been working and to remedy this he could be heading to Oz.

I am not being dismissive I just think you need to sit down and talk as all the advice in the world on boards cant help if things are being speculated on.

sandyxxx

have another twist our mortgage currently stand at an equilibrum based on two auctioneers valuations, he has suggested that i can have the house,

obviously the fears of further house price falls , what would peoples views be on this matter,

D3PO

sandyxxx wrote: »

have another twist our mortgage currently stand at an equilibrum based on two auctioneers valuations, he has suggested that i can have the house,

obviously the fears of further house price falls , what would peoples views be on this matter,

1. Speak to your bank explain that your ex has been made redundant and this is causing difficulties in making your current payments. Have a fully done budget and suggest to them what you can afford to pay between you. maybe they can put the mortgage on interest only as a short term fix or maybe give you a 6 month payment break, extend the term of the mortgage etc

If hes moving can you maybe move in and rent out the other rooms, that way you wont lose your TRS and you will be able to get the rent tax free given you will fall under the rent a room thresholds.

Also has your ex spoken to the welfare ? He may be entitled to interest relief payments from the social welfare.

As for you taking the house. It may come down to that. Obviously it wouldnt be ideal and would have to be worked out with via a solicitor, but as for you being worried about the house value falling thats a moot point as your on the hook for those falls now anyway

best of luck in your situation

sandyxxx

thanks for all the advice greatly appreciated

johnnyskeleton

sandyxxx wrote: »

have another twist our mortgage currently stand at an equilibrum based on two auctioneers valuations, he has suggested that i can have the house,

obviously the fears of further house price falls , what would peoples views be on this matter,

Have you considered selling the house and splitting any proceeds/loss equally or according to who has paid what?

I mean, why hold on to a house that you are not living in and which is only causing you hassle?

the_syco

sandyxxx wrote: »

have another twist our mortgage currently stand at an equilibrum based on two auctioneers valuations, he has suggested that i can have the house,

obviously the fears of further house price falls , what would peoples views be on this matter,

Since he is giving you the house, as opposed to selling you his half of the house, after having two auctioneers valuations, I'd be worried that valuations may have been pretty bad.

IMO, he may want to give you the house as they are pretty bad, and selling the house and splitting what is owed to the bank may mean a loss of money?

Talk to a lawyer about this, and get the two auctioneers valuations as well, if you can. If you can't, assume something is very amiss.

The_Conductor

Look- you need to get your own valuations done regardless of what hes done thus far. Average property selling prices in Dublin have fallen 38% since August 2006- and are now falling roughly 1% per month. An auctioneer or an estate agent will put purely hypothetical prices on property- based on the remit you give them. You need to know how much you would likely get for the property if you put it on the market tomorrow morning with a set timescale to sell it.

Its all remarkably convenient for him to 'hand you over' the house- its falling in value, rental income is falling in value (and the allowance of mortgage interest as an allowable expense is being phased out), I don't know when you bought it- but its likely to be ~40% less in monetary worth now than it was in the summer of 2006.

Yes, you've used your first-time-buyer allowance- but you have to accept that at a certain stage- its better to cut your losses.

If I were in your situation (and I am not aware of all the details)- I'd put the house on the market- and get rid of it, and put it down to experience.

With reference to what everyone else has said- you urgently need to consult with a solicitor- and I'd also organise a check with the credit bureau to see whether hes screwed up your credit history too........ You need to get urgent professional advice- and immediately.......

The_Conductor

Look- you need to get your own valuations done regardless of what hes done thus far. Average property selling prices in Dublin have fallen 38% since August 2006- and are now falling roughly 1% per month. An auctioneer or an estate agent will put purely hypothetical prices on property- based on the remit you give them. You need to know how much you would likely get for the property if you put it on the market tomorrow morning with a set timescale to sell it.

Its all remarkably convenient for him to 'hand you over' the house- its falling in value, rental income is falling in value (and the allowance of mortgage interest as an allowable expense is being phased out), I don't know when you bought it- but its likely to be ~40% less in monetary worth now than it was in the summer of 2006.

Yes, you've used your first-time-buyer allowance- but you have to accept that at a certain stage- its better to cut your losses.

If I were in your situation (and I am not aware of all the details)- I'd put the house on the market- and get rid of it, and put it down to experience.

With reference to what everyone else has said- you urgently need to consult with a solicitor- and I'd also organise a check with the credit bureau to see whether hes screwed up your credit history too........ You need to get urgent professional advice- and immediately.......

syklops

smccarrick wrote: »

Look- you need to get your own valuations done regardless of what hes done thus far. Average property selling prices in Dublin have fallen 38% since August 2006- and are now falling roughly 1% per month. An auctioneer or an estate agent will put purely hypothetical prices on property- based on the remit you give them. You need to know how much you would likely get for the property if you put it on the market tomorrow morning with a set timescale to sell it.

Agreed.

smccarrick wrote: »

Its all remarkably convenient for him to 'hand you over' the house- its falling in value, rental income is falling in value (and the allowance of mortgage interest as an allowable expense is being phased out), I don't know when you bought it- but its likely to be ~40% less in monetary worth now than it was in the summer of 2006.


Yes, you've used your first-time-buyer allowance- but you have to accept that at a certain stage- its better to cut your losses.

If I were in your situation (and I am not aware of all the details)- I'd put the house on the market- and get rid of it, and put it down to experience.

Disagree here though.

Option one:
Get a legal document stating you now own the house in its entirety, and say goodbye to your ex, possibly forever.

Option two: Go through a long and probably expensive case through the courts getting money from your ex. At the end of which the court may decide he has no money to give to the situation. A ticket to Oz is not cheap, a ticket back for a court appearance isnt either. If the court goes in his favour you have to pick up all costs including his ticket back to ireland for his court appearance(and to see his friends, family etc).

I am not a lawyer, nor an accountant, or economist, but this is what I would do. Agree to take the house from him for free. Go to the bank and tell them that the rent from the house will go towards the mortgage. They know rent is down. Everyone knows rent is down, and so long as you can estimate the bank gets X amount from you on time they will not come looking for the money. In the grand scheme of things they are happier to get 400 euro or so from you every month for the next 20 years or until the debt is cleared, rather than repossessing a house they know is worth 40% less than a few years ago.

smccarrick wrote: »

With reference to what everyone else has said- you urgently need to consult with a solicitor- and I'd also organise a check with the credit bureau to see whether hes screwed up your credit history too........ You need to get urgent professional advice- and immediately.......

Urgent professional advice is definitely needed. None of us here is in a position to give you full advice without the full details.

Firetrap

Get yourself a solicitor fast. They may cost money but there's something amiss with what your ex is doing and that could end up costing you even more.