Very confused and worried Advice needed Please

[MsCalamity]

Hi Everyone

A friend of mine advised this site as I am going through a very stressful time regarding my ex marital home

which is in negative equity of around £25 thousand Arrears of £1500 and a Suspended possession order attached.

 

In 2006 my now ex husband went to a broker to find a way of re mortgaging our property to consolidate some debts

I never went with him as I was off work with stress and depression at the time

I would just sign papers that he brought back with him.

 

we ended up getting a re mortgage with mortgages Plc on an interest only which i didn't understand at the time.

 

In 2009 we divorced and my ex left the property and I was left with paying the mortgage

and £3,000 arrears which is how I got the suspended possession order

 

I have been paying the mortgage plus an extra £100 pound off the arrears for the last six years.

 

I now want to move in with my partner and no longer want the house but here is the problem

my partner and I are now full time students and can no longer pay two mortgages (my partner has his own mortgaged home)

 

I have no money for fees to sell the home plus I would have to keep paying the mortgage and arrears which I can no longer afford

 

also there would be a shortfall of around twenty thousand.

If I hand the keys back there will be a bigger shortfall as the mortgage company will sell at auction.

 

Also Mortgages PLC are adding £54 arrears monitoring fee every month plus fees for visits three to four times a year

they having been doing this for the past six years.

 

 

My ex has no interest in the house although his name is still on the mortgage

he has also told me nothing was put in place to pay off the mortgage at the end of the term (WHAT:|).

 

 

I also don't want to go bankrupt as it may effect the job I'm pursuing when I finish Uni.

 

Any advice would be welcome as I'm stressed and worried every day which is now having an impact on my studying.

Thanks

Edited November 16, 2015 by Andyorch
Paras

[dx100uk]

I think you 1st port of call is to get an SAR running to mortgages PLC.

 

 

get all the statements and everything else they may hold about this dreadful affair.

 

 

as for the visit fees

the arrears fees

and any other fees, like for letter, phonecalls etc etc

they can ALL be reclaimed at their int rate.

 

 

you also need to see if you have any stupid insurances that were made compulsory on the remortgage too

like building/PPI/ etc etc

they are reclaimable too.

 

 

wouldn't hurt to sar the old mortgage co. too

if they were diff to the present one..same game.

 

 

dx

[dx100uk]

http://www.consumeractiongroup.co.uk/forum/showthread.php?296108-Hot-news-for-anyone-who-has-suffered-mortgage-arrears-charges-irresponsible-lending-or-other-unfair-lender-conduct

[MsCalamity]

Hi

Thanks for your reply

 

 

my friend did advise this but I am worried the mortgage company will get angry and suspicious and push for repossession ( opening a can of worms )

 

The original mortgage was with Nationwide straight repayment with £4000 put down

the house cost £36000

my ex then advised to re mortgage for home repairs

we ended up with GMAC and mortgage became £58000

 

we now owe £82000 to Mortgages PLC.

 

 

carry on paying mortgage and send a SAR does it take long to get all the information back ?

Thanks again

[dx100uk]

read the SAR

 

 

dx

[Ruleoflaw]

Hi

Thanks for your reply

 

my friend did advise this but I am worried the mortgage company will get angry and suspicious and push for repossession ( opening a can of worms )

 

The original mortgage was with Nationwide straight repayment with £4000 put down

the house cost £36000

my ex then advised to re mortgage for home repairs

we ended up with GMAC and mortgage became £58000

 

we now owe £82000 to Mortgages PLC.

 

carry on paying mortgage and send a SAR does it take long to get all the information back ?

Thanks again

 

First Mortgage

 

"Nationwide mortgage. 4k deposit"

 

Hello Mscalamity,

 

Are you saying the original house was £36k mortgage which includes the 4k deposit or in addition to it?

 

Whose name/s was/ were the mortgage in, ie yours and your ex husbands, or just his?

 

What was the mortgage duration, and how much were the monthly payments?

 

This will tell me if you have a legal interest or beneficial interest?

 

If it's in his name only, he has the legal interest (legal owner) and you have what is known a beneficial interest (owner in equity).

 

If it is in both names it is likely that the co-owner type was a joint tenancy, which means the property by transferring to more than one person creates an implied trust of land: section 36, Law of Property Act.

 

This is important as if the property is not in your name, you still have rights to the property (through an implied trust): Trust of Land and Appointment of Trustees Act 1996.

 

Second transaction: Re-mortgaging existing property

 

"In 2006 my now ex husband went to a broker to find a way of re mortgaging our property to consolidate some debts

 

I never went with him as I was off work with stress and depression at the time

I would just sign papers that he brought back with him."

 

Please provide the details of the re-mortgage terms offered by the broker.

 

Next, do you believe you were forced into a re-mortgaging by your ex husband at the time with the mortgage broker?

 

If this is the case you may have been under 'undue influence,' and were it to apply, you may be able to have some/ lots of the debt wiped off your arrears.

 

I am not sure of the date of the legal case for undue influence but the bank/ mortgagee has to make sure you are not in anyway forced to do something that you do not want to do

 

. The fact you were depressed too indicates that you were not of the correct mind set to understand contractual intention especially signing a contract with commercial terms, which is a prerequisite for the law of contract. Your ex should be liable for this debt, and not you.

 

Divorce/ disposal of asset; property interests

 

"...In 2009 we divorced and my ex left the property and I was left with paying the mortgage

and £3,000 arrears which is how I got the suspended possession order...

 

I have been paying the mortgage plus an extra £100 pound off the arrears for the last six years."

 

Did your husband come away with any assets or pay-offs from this property after the divorce in 2009?

 

Does your ex husband have any property assets now?

If so, you may be able to get either a Restriction (Land registration Act 2002) on the land register applying to his property, by completing a relevant land registrar application or Land Charge (Land Charges Act 1979) via a court order,

 

which both effectively mean you could have the right to force a sale on him or at least restrict him from getting another re-mortgage or selling the property without paying you first.

 

The land Charge is the more expensive route whereas the Restriction should not cost much at all. A Restriction can be just as effective as an expensive land charge.

 

Landlord

 

You say your property is in negativity for approx. 25k.

You could move in with your partner and rent out your own property.

 

Renting out that negative equity property, you'd be a landlord, and using this money to pay for your arrears, as property prices will rise am sure. Is this feasible for you?

 

Secondly, the mortgagee (bank) has duty to get the best price for your property based on case law.

 

How long has the suspension order been suspended for?