Possible Repossesion

[removalizer]

My wife left the house to set up a new life 4 years ago, the divorce went through almost immediatly however the financial part has just been settled.

 

My position so far is I have my own business which hardly makes any profit and no capital but has commercial property valued at £200000, I also have a joint mortgage on the marital home valued at £220000 currently occupied by myself my 22 yr old daughter and 16 year old daughter (still in education). The financial settlement outcome was a court order that I continue with the mortgage payments and bills until my youngest daughter is 18 or we sell the house then my ex wife will receive the equity on the house ( approx £55000)

 

The house is on a repayment mortgage but as soon as my wife left 3 years ago the mortgage company agreed to put me on interest only (£360 per month) on a temporary basis, however they are pushing for going back to repayment £990 per month which I cannot afford, in any case the increased amount would benefit my ex wife. I have always kept up with the interest only payments but the mortgage company have now become aggressive and threatening legal action which I would assume repossesion.

 

The house has been up for sale at a reasonable price and both my ex and the mortgage company are up to date with proceedings so far.

 

My aim is to stop any legal action until the house is sold, my main worry is that the house will be repossesed and my ex will not get her equity

 

Can anyone help ?

[veganite]

If you carry on paying the interest payments only, I would think it is unlikely that the mortgage company would go for repossession, although they could. If they are being so aggressive you could maybe think of switching your mortgage company to that of an interest only mortgage product. (Not sure if they still exist, I don't know mortgage markets anymore)

 

If you can show a court that the house is being sold and provide details from your conveyancer such as expected completion date, the court should allow you to make this sale.

 

Stopping legal action until the house is sold should be quite easy, although it may involve going to court if your mortgage company is so unreasonable.

[removalizer]

thanks for the reply, sadly my credit history would not allow me to get in interest free mortgage, no offers made on the house yet