Joint Mortgage Issue

[Philx]

Evening I will try and be brief. About 2 years ago my wife walked out on myself and my 21 year old daughter. I am working and am on a reasonable salary while daughter works 30 hrs a week. When we brought our house (which is in good positive equity) it was under a Joint Mortgage. My wife is now overseas and for my daughters sake we have kept things amicable. Since then we have been scraping along justs about keeping bills under control.

The mortgage company is unaware we are seperated and sometimes I have been unable to make payments. I have used all my payment holidays up. Its starting to come to a head. I will not be able to make this months payment and probably not next months.

I am planning to phone them up tomorrow but am not really sure how to explain why I cant pay.For many reasons selling the house is not an option. Do I tell them the real reason why I cant pay and that will jeopardise my mortgage. The reason (amongst others) I am hanging on is that in a couple of years time I am due a share payout which will definitely tide us over for a couple of years.

Any suggestions would be appreciated.

[AndyOrch]

Inform them as soon a possible...be straight and open...explain your change in circumstances and ask how they can assist.The mortgage will remain joint irrespective.

 

Regards

 

Andy

[Philx]

Thanks for the quick response. So there is no danger of putting the mortgage/house in danger ? What if they ask why I didnt tell them earlier ?

[AndyOrch]

In danger...look these things happen in life.....you have managed to plod along and maintained payments so why would you have informed them?......the fact is that its not something that we tend to broadcast when our marriages break down....but you have now come to a point were you are struggling to meet the mortgage repayment as it was initially being serviced (I assume)by two incomes ?

 

Just be open and honest with them and explain the situation...what options are available......could you extend the term of the mortgage...could there be an interest freeze or only pay the interest for say 6 months ?

 

Talk to them tomorrow and come back with their responses.

 

Regards

 

Andy

[Philx]

OK thanks a lot. Will report back.

[Dookist]

Perhaps if it's a repayment mortgage they will let you just pay the interest part… that's what happened to us when my OH was made redundant...

[Ell-enn]

It's definitely a good idea to ask for an interest only period. If you don't get anywhere with talking to them on the phone, you should write so you have a paper trail of negotiations with them.

 

Who is the lender ?

[Philx]

Thanks for advice chaps. Phoned them up told them the full story. They have halved the mortgage for two months and then it will be reviewed again. Told them how bad I felt. One of the comments was "clearly its not a terminal financial situation as you have coped (with occasional difficulty) for two years. Seemed sympathetic. I am happy enough with that for now. What do you think ?

[honeybee13]

I think that sounds hopeful, and I expect other forum guys will be along later with their comments.

 

The main thing is to communicate with your lender.

 

HB

[AndyOrch]

Thanks for advice chaps. Phoned them up told them the full story. They have halved the mortgage for two months and then it will be reviewed again. Told them how bad I felt. One of the comments was "clearly its not a terminal financial situation as you have coped (with occasional difficulty) for two years. Seemed sympathetic. I am happy enough with that for now. What do you think ?

 

And I trust you feel a lot better and content:wink:...now you have a time frame to work in.Well done.

 

Regards

 

Andy

[citizenB]

Is the mortgage still a joint one ?