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Mortgage Dilemma

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  • 21-02-2014 4:24pm
    #1
    Gate Closed
    Registered Users Posts: 1 ✭


    Hi all, my soon to be ex wife and I are having some banking issues. Basically we are about 100K in negative equity at the moment (2 properties) . Both she & I want her off the mortgages for the simple reason she never has & never will contribute to the repayments and wants a clean break. I on the other hand also want a clean break & despite saddling myself with extra debt (on paper, in reality I'm not) I want them switched to me so there'll be no legal issues of ownership when the mortgages are paid off (in 20 & 25years time)
    About 18 months ago we applied to the bank for a transfer of equity. Even though they acknowledged that I was paying the mortgages on my own they said my salary wasn't high enough to handle the repayments (go figure) and said they would only consider it if I paid down 100K on the mortgage. (pretty sure they picked this figure out of their @rse as opposed to matching the negative equity)
    Shortly after this I got offered a job abroad on a much better salary so have spent the last year & a half working & saving hard. We recently reapplied for the transfer of equity. I also offered to pay down 20K of the mortgage & offered another 20K in security that they would have first refusal on if I started missing payments on down the road. Low and behold they repeated that they would only consider it if I paid down 100k.
    I'm not sure if they're genuinely worried about not getting their money back & having a second person to chase or is this just a means of trying to force me to try and get 100K by any means possible. I'm on a tracker so I'm obviously costing them money.
    So I guess my question is, has anyone been in this situation and what was their experience. I guess the other thing I should add is that since I've moved abroad neither of us even live in either house now. I would happily give the keys back rather than throwing good money after bad.


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    #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,280 Mod ✭✭✭✭Jim2007


    Gate Closed wrote: »
    Low and behold they repeated that they would only consider it if I paid down 100k.
    I'm not sure if they're genuinely worried about not getting their money back & having a second person to chase or is this just a means of trying to force me to try and get 100K by any means possible. I'm on a tracker so I'm obviously costing them money.
    So I guess my question is, has anyone been in this situation and what was their experience. I guess the other thing I should add is that since I've moved abroad neither of us even live in either house now. I would happily give the keys back rather than throwing good money after bad.

    The bank would be crazy to agree to this, without seen the debt very substantially reduced! To expect the bank to take on substantially greater risk for no good reason is unrealistic, especially considering you have left the jurisdiction.

    Returning the keys will be considered an act of bankruptcy and as such you can expect the bank will go after your ex-wife for the full amount.


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