May
07
Where would I stand legally if I lend my ex some money to pay her mortgage arrears?
By
My ex owes £950 on our joint mortgage. She is still in the property and I have left. If I pay off her arrears can I get a contract drawn up for her to repay me monthly ? And how binding would it be if she did not pay? She does have a history of not paying bills.
Ok so to add some details. I would love to sell the house but she does not want to. We have a 16 year old son chances are he will be going to college. I understand that the mortgage debt is a joint debt. But I have kept my payments. And I am now trying to stop a repossesion situation.
To answer your q? I did try to get off the morgage when I left. I even tried to give her the house to get rid of her. But the mortgage company would not accept this as she had no means at that time to take over the mortgage payments
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Sell and Rent Back
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15 Comments
July 15th, 2009 at 6:23 pm
sell the house so you can get rid of the past and move on bit sad if you cant
July 16th, 2009 at 10:01 pm
contract is binding, but you would have to take her to court to get it paid.
July 17th, 2009 at 10:42 pm
if you have a joint mortgage then both of you are responsible for payments….if your ex cannot afford to pay then you are liable for them…….If you dont want to be liable then either she buys you out or you sell the house….so legally you dont stand anywhere as regards a joint mortgage.
July 20th, 2009 at 2:19 am
get a contract done by the solicitors!! then its legally binding!!
July 23rd, 2009 at 1:46 am
I think you’ve answered your own question haven’t you? She has a history of not paying bills? Who were the other people/companies she owes money too and have they got contracts with your ex? My advise would be don’t lend her the money.
July 26th, 2009 at 7:35 am
FOR STARTERS,IF YOU CAN AFFORD THE PAYMENTS,THEN TAKE POSSESSION OF THE HOUSE AND/OR FLAT.
BY LAW IF IT IS STILL JOINT YOU ARE BOTH STILL HELD ACCOUNTABLE FOR THE PAYMENT,UNTIL SUCH TIME AS ONE BUYS THE OTHERS SHARE OUT.
GIVING HER A LOAN IS NOT AN OPTION,BECAUSE IT IS STILL JOINT AND SHE KNOWS THAT..SHE KNOWS SHE DON’T PAY…THAT YOU HAVE TO OR THE BANK TAKE THE HOUSE BACK.
July 29th, 2009 at 11:37 am
Go and see a solicitor. I wouldn’t trust her to do that. You can go online and e-mail a solicitor, or make an appointment. You have nothing to lose but your money.
Good Luck
August 1st, 2009 at 10:58 pm
Dont let her have the house. Dont lend her the money.
If your paying then you should own the house.
August 3rd, 2009 at 10:51 am
Hello,
I don’t live in England but most tax laws are similar in the west. In Canada if I lend a person money in that situation I can write it off as a capital gains loss on investment profit, yearly interest gains etc. I cannot do so on my personal income tax.
Give an accounted a buzz and see how to arrange this. He can fiy it in with your tax returns but certainly get her signature on paper.
Regards,
Michael Kelly
August 4th, 2009 at 12:10 pm
Why is it still a JOINT mortgage? You should have gone and got advice on how to get removed from the liability. First thing my dad did when my mum booted him out.
August 7th, 2009 at 8:17 am
Question?
How can you ex be a shot-caller when she is next to foreclosure.
If the house is about to be in foreclosure, you already HAVE the ding of 3 payments or so on your credit report
You might as well let it go into foreclosure which FORCES her to sell the damn thing. You may lose the profit but let’s face it — you are losing by loaning the money to your wife who seemingly doesn’t have her act together!
Believe it or not, if she simply refuses to sell the house, foreclosure could be the best of both worlds because it FORCES her to do something!
Second, you will no longer have to have a “joint” mortgage. They will repossess the house, sell it, and make you responsible for the balance. I am assuming you aren’t “upside down” in your mortgage so this might be a peaceable solution to a spouse whose head isn’t on straight.
August 10th, 2009 at 8:48 am
I believe the answer you’re looking for can be found on this site. They’ve got lots of info about the subject.
August 10th, 2009 at 6:33 pm
If the house is still in joint name, it is just as much your responsibility (and in your own best interests) to pay it. If you don’t, it is your own finances you will be ruining.
No legitimate lawyer is going to draw up a contract for a loan BETWEEN two co-owners of a property for money to cover one or other owners’ payments! You own the property AND the debt on it EQUALLY, regardless of who paid what into it!
August 11th, 2009 at 6:59 pm
Get valuable tips on mortgage from . It’s a very useful website.
August 12th, 2009 at 1:30 pm
Definately get a contract drawn up but if you are still a co-owner and party to the mortgage you are jointly and severally liable thus you are technically liable for the arrears in your own right.
You need to speak to Citizens Advice or a lawyer before you do anything.