joint mortgage?

Question

hi
there is not enough equity in our home for my ex to give me the sum of money he promised he would.
As he promised me a sum of money, i had put in an offer for a new house, with me having a mortgage.
Now My ex has suggested us having a joint mortgage on my new place, with him not on the title deeds and getting it all done legally
I will lose the house i have bidded for if we cant come up with an answer.
I know i am only entitled to what i am entitled to, but he is adamant he wants to see me settled again and have my own place and will help how he can

he says he knows he is liable and will be blacklisted if he doesn't pay and vice versa, he has a very responsible job and earns good money (10 times my salary almost)

Answer 1

Let me get this straight...
He is willing to co-sign a mortgage, without being on the change of title to the property?
It's done all the time!
It doesn't make him part owner of the home, it only makes him financially responsible for the mortgage.
AND IT KEEPS YOU TIDE TO HIM in a financial relationship.
Didn't you just divorce to end that?
Why are you so sure you cannot qualify for the mortgage your self? Do you have negative information in your credit report?
Do you make 3times what you would expect the payments to be then you can find a loan anywhere. If not then you may not be able to afford the house at all, unless you were planning for the HOUSE to be the only thing in your life you can afford.
Also, as a recently single, you are likely to qualify for any and all FIRST TIME HOME BUYERS discounts on from lenders.
While there is much information you are not providing, I don't think you should feel boxed-in to any situation.
Wishing you the best...

Answer 2

Hi - it sounds like your ex is trying his best to be reasonable, and in the circumstances you've described he actually may be going beyond his legal obligations in an attempt to help you out.

More information is needed to make a proper assessment of this, but I'm working on the assumptions that:
- You have a house together, and you have broken up.
- He is keeping the house (or you're both moving out), and a share (some or all) of the equity is going to you to for use as a deposit on a new house.

If the equity isn't enough to cover the deposit for the new house, you could try asking your mortgage lender whether they're willing to increase the amount that they lend you. If you do pursue this, think very carefully about whether you can afford a bigger mortgage - it may not be worth taking on the extra debt if it will expose you to financial difficulty, especially if interest rates rise.

If your ex takes on a share of the mortgage, he will be "jointly and severally liable" for the debt. This means that you are each (as individuals) and both (as all of the people responsible for the mortgage) liable for the debt - in other words your mortgage lender can demand the money from either one of you or both of you.

You would need to discuss this carefully with a solicitor before agreeing to a joint mortgage, as it raises questions over what happens if either of you default on payments. Your mortgage lender is unlikely to agree to wiaiving the joint and several liability condition.

Your ex paying towards a joint mortgage also gives him some legal rights to the property. Although his name may not appear on the title deeds, if he pays part of the mortgage for a number of years he can claim that he has an interest in the property, and could be entitled to a reasonable share of the equity.

There is a lot to consider in this particular case, and it needs to be talked through with your financial advisor and solicitor. You should take the answers on this site as a direction guide only - advice of this type needs to be delivered by qualified people who can discuss the specific circumstances of your case in more detail.

Hope this helps
Aaron

Answer 3

I'd be seeing a lawyer - even if it means that I'd lose the house I had bidded on for now. Better in the long term.

Why doesn't he just give you a payout & then you could buy what you can afford by yourself. That way you are free of him. Any promises made to you now will be wiped away if he meets a new partner & you will be left to pay for something you can't afford & will probably lose.

Don't you see what he is doing? By commiting you to a new property & mortgage he is only giving you a 'promise' to pay the mortgage on a regular basis. He won't. He is very clever. You take this joint offer by him & what has he put up moneywise to you - nothing. He's offering you nothing.

No - go smaller with the property. Get the money & run.

Answer 4

No way!!
What would you do if he defaulted on his payments? You could lose your home and not be able to get another mortgage etc.
Has he got a new home? If so, where did his money come from?
Yes, you're entitled to whatever was agreed, now it's time for him to pay up so you can move on with your life.
He could take out a loan and pay you what he should pay you.

An ex is just that, an ex. Move on, without him.

Good luck.

Answer 5

Look, you know this man better than the rest of us. Depends why you split, really. Is he dishonest ? Would he lie to you ? Not every break up is about lies and dishonesty, but only you know the circumstances. If you feel you can trust him, get a solicitor to advise you and draw up any agreements. Find your own solicitor and don't use the same one as your ex. And as soon as you can achieve independece from your ex., take it. Good Luck

Answer 6

Let your ex remain your ex. Don't get involved in financial deals with anyone, based on promises. Banks don't do it. They always demand collateral and the proof of the ability to pay.

Answer 7

NO!!!
If he wants to do the right thing then tell him to get a loan to buy you out of the house. If he makes that much money then he should be able to get an unsecured loan somewhere.

Answer 8

Get Solution here:

http://www.proloanz.com

http://www.mortgagerefinancingatlowrate.com/

http://www.apply4less.com/

http://www.topamericanmortgage.com/...

Answer 9

well i guess it will help you out and is an investment for him. I say don't do it though. it's to much of a risk

Answer 10

NO! ex...........

houses come and go, but freedom is hard to come by.

B.R.