Negative Equity/How to remove my name from Mortgage.... separation looming - Help!

[JJ73]

Hi - I need to know pretty urgently how to get my name off the mortgage I have jointly with my husband (soon to be ex hopefully) as I need to leave due to him being abusive. Normally I would try to work it all out with him directly but as he is abusive and not known for being objective or reasonable I need to find this out elsewhere and I don't have any money for appts with solicitors. We also currently couldn't afford to get divorced so my plan is hopefully to remove my name from the mortgage and break all ties. The house is in negative equity being that it is currently worth £180,000 and the mortgage (which we renewed in May) is worth £200,000. My husband earns enough each month to cover the £1300 mortgage payments plus bills quite comfortably (whereas I only earn £1500 per month) but I don't think he earns enough that the bank would allow him to get an extra mortgage (or take over the existing one) to buy me out. I want to remove my name so he can't get back at me by for example defaulting on payments, etc so I am liable too. I want to cut my ties and start again. I've already found myself in the situation where we've paid for all the furniture, carpets, a few holidays, etc. on my credit card (which has racked up £7k on it!) but as its in just my name he won't be liable to pay any of it! I could take the furniture with me but being abusive he won't be happy about it and I'm kind of scared of what he'll do (to me/our cats/our possessions). Please - any help or advice would be really appreciated. Thanks

[Justhadenough]

You need to chat with your local branch of CAB.

 

But as for having the property in joint names, the debt outstanding is joint and therefore shared; if he decided to go bankrupt for instance you would be pursued for the full amount not just 50%.

 

He would have to agree to take on the full amount, and that would be on the fact that he can raise a mortgage on it.

[Bona]

you are both jointly and liable the only way you can get out of it id

1. in a divorce settlement

2.moving out hope pays if not when repossessed go bankrupt

sorry you are legally tied in so you need to decide what you need to do for you are there children involved then ypu either have to legally seperate with a legal agreemant nothing else will get you out

 

 

Bona

[42man]

I think if you were to do it through a solicitor it would cost around £400....

[gizmo111]

Hi - I need to know pretty urgently how to get my name off the mortgage I have jointly with my husband (soon to be ex hopefully) as I need to leave due to him being abusive. Normally I would try to work it all out with him directly but as he is abusive and not known for being objective or reasonable I need to find this out elsewhere and I don't have any money for appts with solicitors. We also currently couldn't afford to get divorced so my plan is hopefully to remove my name from the mortgage and break all ties. The house is in negative equity being that it is currently worth £180,000 and the mortgage (which we renewed in May) is worth £200,000. My husband earns enough each month to cover the £1300 mortgage payments plus bills quite comfortably (whereas I only earn £1500 per month) but I don't think he earns enough that the bank would allow him to get an extra mortgage (or take over the existing one) to buy me out. I want to remove my name so he can't get back at me by for example defaulting on payments, etc so I am liable too. I want to cut my ties and start again. I've already found myself in the situation where we've paid for all the furniture, carpets, a few holidays, etc. on my credit card (which has racked up £7k on it!) but as its in just my name he won't be liable to pay any of it! I could take the furniture with me but being abusive he won't be happy about it and I'm kind of scared of what he'll do (to me/our cats/our possessions). Please - any help or advice would be really appreciated. Thanks

 

I am assuming that you have no children. There is no way to escape your libility for he joint mortgage unless your husband agrees and can remortgage, which with negative equity is probably nigh on impossible, in the current climate.

 

It seems you have no assets only debts, credit card and mortgage shortfall - is this correct?

How long have you been married? Do you have children?

Do either you or your husband have a pension or any other savings that would go into the marital pot? eg an endowment or isa's

 

You can find a solicitor in the yellow pages and get a free half hour consultation, you need one that specialises in family law. They will assess you for free legal advice, but if your salary is just for you then it would probably be a no.

 

Re the abuse, does your husband know you plan to leave him? have you somewhere to go? Is it safe place?

 

 

 

I think if you were to do it through a solicitor it would cost around £400....

 

Do what through a solicitor the divorce?

[mikesmotor]

just as amatter of interest, what if one partner gives their half of the house to the other as a gift how does that stand with the mortgage

[newstarter]

This is a tricky one because you are tied in to a legally binding contract,there is no way you can apply to have your name taken off the deeds and walk away from this as you are both legally contracted to make the mortgage payments.In a divorce settlement you can apply and the court can grant an order for sale,therefore forcing your ex to sell the property and splitting the proceeds if any,but as your home is in negative equity you would both be libel for any shortfall.

Edited January 11, 2011 by newstarter

[mikesmotor]

in the case I am thinking of it is a partnership so divorce is not an issue

[newstarter]

sorry mike i was writing to the original o.p

 

regards N.S