i have a joint mortgage and have'nt lived at the house for about a year and have'nt paid any of the mortgage because i was supposed to be bought out of my half, but the other person is stringing me along and deliberatly taking their time. they have also said that they are changing the mortgage scheme to just interest only when it is currently on a repayment scheme, can they do this or is there anything they can do so that i lose everything
2007-02-08 08:13:08 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The only way they could change anything with the mortgage if your still on the loan, is if you sign the documents too.
They can't do that without your consent.
However, it sounds like a great idea for you to let them refinance to an interest only in thier own name. This would free you from the mortgage all together.
2007-02-08 08:25:56 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It cannot be done without your permission.The mortgage company are obviously unaware of the change in the situation.The only thing the other person can do at the moment is to speak to a solicitor.You need to take control of this situation.You have allowed it to carry on without any interaction that includes non payment of your share. If you still decide to sell , she / he,Will have to have a new mortgage.This is possibly why she/he wants to have an interest only mortgage,because it is cheaper. You need to take responsibility.Decisions will have to be made.The other person will have to pay you your share out of the Positive Equity, minus the amount you didn't pay in the last year.They usually deduct a percentage of the cost.Do not sign any papers until you have shown them to a solicitor.
2007-02-08 08:33:15 · answer #2 · answered by Lindsay Jane 6 · 0⤊ 0⤋
You will lose everything, and maybe that is what the person wants. After a year it usually goes into forclosure. Do you have a purchase agreement between the two of you, that might help.
Contact the bank and see where you stand and see if that person has been paying anything.
If the person goes interest only, your signature will be needed. Sell your half to him/her and then he can do what he wants and have a purchase agreement.
2007-02-08 08:28:21 · answer #3 · answered by Carlene W 5 · 0⤊ 0⤋
They can't do anything because it is a joint mortgage, I should seek legal advice though, get thing's sorted once and for all. Good Luck :)
2007-02-12 04:32:10 · answer #4 · answered by Brown cow 1 · 0⤊ 0⤋
Both Signatures will be required. If the other party forges your sig., report them to Police & Mortage Co.
2007-02-08 08:20:33 · answer #5 · answered by Steve B 7 · 1⤊ 0⤋