Hi All,
I am new to this site and I'm in desperate need for advice.
Bear with me as this is quite long winded.
Basically 7 years ago myself and an Ex girlfriend got a mortgage, we split up 5 years ago and have a son together.
We decided it was best that I move out and leave her with the task of paying the mortgage as her income easily covered all the bills and in doing so would keep a roof above our sons head.
I have since moved on with my now Wife, have a daughter with her and we own our home together.
My name is on this mortgage and my ex's mortgage.
The past few months, for one reason and another, have been hard on my ex as she has been made redundant and her boyfriend (who lives in the house with her) has been injured and is unable to work. This has meant they cannot keep up the mortgage repayments.
As my name is still on the mortgage I am obviously worrying that her bank will come knocking on my door for me to contribute given my name is still on the mortgage.
IF this was to happen is there a likelyhood that the bank would be able to use my assests (my new house with my wife) to recover any monies outstanding?
IF this is the case, would it be financially beneficial to remove my name from my joint mortgage with my wife so my new home cannt be used to recover money??
If my Ex is to default on payment or give the house back to the lender I will obviously be left with a debt.
I don't know what to do for the best. This will obviously upset my wife at the thought of us losing our house. We bought it to keep in her family after her nann died and we've spent a lot of time, money and effort building a life for ourselves here.
I'm lost
Any help will be appreciated, I'm sure that soon I'm going to seek legal advice with a solicitor too
Thanks
Mark
I am new to this site and I'm in desperate need for advice.
Bear with me as this is quite long winded.
Basically 7 years ago myself and an Ex girlfriend got a mortgage, we split up 5 years ago and have a son together.
We decided it was best that I move out and leave her with the task of paying the mortgage as her income easily covered all the bills and in doing so would keep a roof above our sons head.
I have since moved on with my now Wife, have a daughter with her and we own our home together.
My name is on this mortgage and my ex's mortgage.
The past few months, for one reason and another, have been hard on my ex as she has been made redundant and her boyfriend (who lives in the house with her) has been injured and is unable to work. This has meant they cannot keep up the mortgage repayments.
As my name is still on the mortgage I am obviously worrying that her bank will come knocking on my door for me to contribute given my name is still on the mortgage.
IF this was to happen is there a likelyhood that the bank would be able to use my assests (my new house with my wife) to recover any monies outstanding?
IF this is the case, would it be financially beneficial to remove my name from my joint mortgage with my wife so my new home cannt be used to recover money??
If my Ex is to default on payment or give the house back to the lender I will obviously be left with a debt.
I don't know what to do for the best. This will obviously upset my wife at the thought of us losing our house. We bought it to keep in her family after her nann died and we've spent a lot of time, money and effort building a life for ourselves here.
I'm lost
Any help will be appreciated, I'm sure that soon I'm going to seek legal advice with a solicitor too
Thanks
Mark