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Hello, this is my first thread, so apologies in advance for any mistakes made. I am currently in a re-mortgage quandary with my property. it is my first home and I took out the mortgage, through a broker, with G MAC. I had not repaid small debt on time as a teenager and had no credit since and as such had a poor credit score. the property I purchased was worth £107,500. on the fifth Oct 2007. I did not need a deposit as I offered the seller £98,000 the equity was to be my deposit, I think this was referred to as a ''vendor deposit'' or ''gifted deposit''? I was repaying around £595 per month interest only, a figure I was not made aware of until after I had moved in, I was led to believe that it would be around £400 per month. I did not provide any proof of income. my partner left me within the first month and I was unable to honour all my commitments, I also took things with difficulty personally and lost my job. I fell in to nine missed mortgage payments in areas and got a charge for £4000 from welcome finance. I did however turn things around, I made payment plans and got a suspended warrant of execution for repossession in June 08. I have been up to date ever since. G MAC then offered for me to consolidate my areas in to a new mortgage balance of £118,000, I was being charged £50 per month areas fee, and it seemed like a good idea at the time. so I consolidated. Soon after my mortgage was passed to a new company called Paratus AMC. I have now come to the end of my fixed term and my mortgage follows the Libor rate. It seems to increase by about £10 every few months. Paratus have offered substantial discounts on my mortgage balance for me to transfer elsewhere but due to a less than perfect credit score and the fact that a similar property is now selling for £62,500 I am in a massive negative equity trap. I have now met someone new and we have a beautiful daughter together. the problem is that I cannot afford anything other than a interest only mortgage with Paratus' interest rates on a repayment of £118,000,( I am not sure if its fair that I owe this entire amount) I cannot sell the property and I cannot remortgage with another company. I cannot build, save or invest for the future, I don't want to go bankrupt but I don't know what else I can do, i've seen that bankrupts wipe the slate clean and end up with good mortgage deals again?!?!?! that's not right! I just want to owe and repay a fair amount on the property that I have. is there anything I can do?
OK so im a little unsure of all the facts here but i will state what i know and hope someone can give some information to help. I am living with my civil partner and am nearly 23 weeks pregnant, we also have shared residence of her children from previous marriage. She used to reside with her ex who had shared ownership of the house and both names were on the mortgage, now they had some work done on the house which was unsatisfactory but to cut a logn story short they ended up in court and the builder was granted a judgement which then was turned into a final charging order for £7,590 which is accruing interest and charges constantly. Now my partner split with her ex in june 2010 and shortly after this date her ex ceased paying her share of the mortgage putting severe strain on my partner with her ending up with months of worth with depression and anxiety then due to this she fell into arrears with the mortgage and utilities, however she has gone back to work and has an arrangements in place to pay these off now that she is back at work and better in herself. She has this morning received paperwork from Mellor and Jackson solicitors stating that they have applied to court for An order of sale application for the 1st of February, there is other paperwork included with this about the charging order, there is also an independant valuation based on the exterior of the property in with it all and they have valued the property at £100,000, however when my partners ex ceased paying her share of the mortgage she had a valuation done then so that in future her ex cannot claim monies above what the value was when she left, as we are doing works ont he property to get it into a better shape, but anyway when she had it valued it came back with an amount of £95,000 so their figures are not far off. However the outstanding amount on the mortgage is £125,000!! My questions are.....will an order of sale be granted if there is between 25k and 30k negative equity and where do i stand as i have no claim to the property on paper but this is my home and am worried about finding myself homeless while pregnant. Any advice would be greatly appreciated
I have a property with my ex partner which has been solely funded by me. The deposit was raised from equity released from my previous property and I have solely paid the interest-only mortgage for 3+ years now. The property cost 400K, and is now estimated to be worth 300K. He has been living in the property since we split, 6 months after buying it. I live in a different country with my parents and our young son. I have not received any child maintenance from my ex. I have not pursued this through the courts, as he has never worked and as I understand it, I’d only be entitled to 11% of his salary, so that’s 11% of nothing! I want to sell the property now to cut my losses as the property is in bad repair and deteriorating and interest rates can only go up. He claims not to want to live in it as there is no central heating and very little comfort, but he says he won’t let me sell unless he can make a profit on it, or I buy him out with the funds I made selling my previous property (our previous home to which he contributed nothing in bills or rent for the time I owned it). He claims that I should pay him for the renovation work he did to this previous property to increase its price. We both worked on the property and we never had any agreement they he was entitled to any of the profit should we separate. The reality is that the profit was only 10K after I had deducted my downpayment on the property. I can afford to take a hit on our jointly owned property using this downpayment, as I’m afraid of losing more in the long term. Alternatively he wants me to invest a large sum in the property so he can do it up to achieve a better sale price and walk away with half the profit. What he refuses to recognize, is that it would still be in negative equity in the current market (we have had it valued in its current state and finished by two local agents). I believe that I would also be entitled to deduct my deposit and his unpaid half of the mortgage payments from any profit before it was split. This he also disagrees with. Any advice please as how to force him to let me sell our property? And whether you think he is entitled to anything? Thank you, mary unfairly