Divorce and Mortgage Payments

Posted on 24 October 2012 by Steven

I'm going through a divorce, my wife lives in a home we used to let out, I've paid the mortgage on it for 2 years but now cannot afford to pay it. Can the house be sold if she cant keep up the repayments or can she make me keep paying it? It's in joint names, she has my daughter living with her and I have my 2 sons living with me?

You don't mention if the mortgage is in joint names ? If it is, as all joint mortgages are held as "jointly & severally responsible" (that is both parties are equally responsible for the payment of the loan) then any missed payments will badly damage both borrowers credit profiles. This should be avoided if at all possible.

The main question for you is, "Is your ex-wife prepared to look at taking the mortgage on in her sole name ?" If she is then this would naturally be the best solution, and we would be happy to discuss the best options with her to enable to do this.

If the answer is 'no', then you need to speak to the lender straight away to advise them of the situation. Lenders are showing an exceptional levels of forbearance (leniency) for borrowers in financial difficulties, where they are kept informed of what's happening. You would also need to speak to your solicitor, to clarify your legal position, as to whether the house can be sold.

If you would like to discuss your situation in more detail, then please let me know and I'll arrange for you to speak to a consultant to see how we can help you.


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Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

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