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I want to sell the house my ex-wife and I own - can't afford mortgage but ex won't agree |
Submitted on: 14th May 2010 by Non-Member | Total Answers: 1
My ex-wife and I divorced a year ago and our house was rented until a few months ago. The monthly rent did not cover the full monthly mortgage amount. I am only able to get part-time work and the hours vary from week to week and can no longer cope with paying my half of the mortgage. The housing market in Northern Ireland is very bad at the minute and my ex-wife is refusing to put the house on the market for anything less than 95,000 (our outstanding mortgage is 84,000). Please advise what I can do as I am currently going into a large overdraft to pay for the mortgage. I need to sort this out as soon as possible please help.
Re: I want to sell the house my ex-wife and I own - can't ...
You could always consider looking into an interest only mortgage for a short period (if you are not on this already) which would reduce the monthly payments, this is something you would need to apply for with your mortgage provider.
Have you looked into other solutions such as your ex wife buying your share of any equity?
You would be wise to explain to your ex wife that if the mortgage payments were not made in full each month, even if she was paying her half, they would still chase both of you for payment and the house could be repossessed.
If you have unsecured debts that you are paying at the same time, it could be that you need to deal with these, by way of making reduced payments, to enable you to meet the mortgage payments.
You could take advice from a debt advisor who will be able to take a look at your full situation and advise you accordingly.
This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you have a debt problem, we can help you find the best solution for your situation. Debt Advice Foundation provides a free, confidential helpline and can advise you of all your options. Click here to find out more.
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