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Mortgage, negative ...
 
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[Solved] Mortgage, negative equity, maintenance help?

 
(@Gary68)
Eminent Member Registered

I have posted under legal the general outline of my divorce but was hoping someone could help with a specific query:
I have been living in the house and paying the mortgage for the past 3 years.
Verbally agreed that I could not pay maintenance and mortgage.
Wife moved abroad.
Have been told by lender that I will be 100% liable for the mortgage if it is not paid as my wife is no longer a UK resident.
I do not earn anywhere near enough to be able to take on the mortgage (I earn around £20k, mortgage is £122k)
Lender has authorised renting but I prefer to remain in the house while I am liable.
Negative equity has reduced from £20k to around £5k.

I've now received a proposal for a court order for maintenance of 250€ from my wife's country, although the CMS calculator indicates I should be paying around £100.

I simply can't afford to pay this with the mortgage. I could sell and accept the debt or continue living in the house and reduce the negative equity. I could also stop paying the mortgage and wait for the lender to take me to court.

I have an excellent credit rating and prefer to do the right thing, until it no longer works. Can I insist on my wife paying towards the mortgage/debts if I am forced to pay the maintenance order? I can pay the mortgage, or sell and pay the debts or pay the maintenance order, but not all three.

Quote
Topic starter Posted : 02/01/2015 6:17 pm
(@dadmod4)
Illustrious Member

Hi Gary

I've posted on your other thread, but this actually gives some more information. I would, as a matter of urgency, contact the CMS and see if you can open a case with them and also contact REMO and see if that will then take priority - it's possible that a court in eastern europe may be bound by the CMS case and that will save you a lot. I posted on the other thread my thoughts about selling - I think if you can stay and pay interest only, then you will be financially better off. Also, you could look at the rent a room scheme for letting out one room of your house - you can get up to £4250 per year and not have to pay tax on it. https://www.gov.uk/rent-room-in-your-home/the-rent-a-room-scheme

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Posted : 03/01/2015 7:48 pm
Gary68 and Gary68 reacted
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