• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

Mortgage and secured loans

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Mortgage and secured loans

    Good afternoon

    my ex and I broke up around 6 years ago. We had a mortgage together and a secured loan from welcome finance.

    We are now 13 years into the 25 year mortgage and when we seperated we agreed that I would pay the welcome loan. And my ex would pay the mortgage.

    However in December last year. She dropped the bomb on me that she had not been paying the mortgage for the last 6 months and the mortgage company (Leeds building society) had sent her a letter evicting her and they were going to take the house from her.

    Anyway. I bailed her out and paid the £1800 to help her get back on track. However. Since then she hasn't paid anymore again and has moved out to a house 2 doors down the street. she has sent a letter with the house keys back to the mortgage company saying she cannot pay any more.

    What position does this put me in now in regards to the welcome finance loan? Am I paying money for nothing?

    thank you in advance for any advice.
    Tags: None

  • #2
    Re: Mortgage and secured loans

    Are you still on the mortgage and do you want to keep the house?
    #staysafestayhome

    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

    Received a Court Claim? Read >>>>> First Steps

    Comment


    • #3
      Re: Mortgage and secured loans

      Hi there

      no I don't want to keep the house. The only reason I paid the £1800 was to keep my son from having to move from his home. But once I had paid she moved out anyway.

      Yes I am on the mortgage.

      Thanks

      Just want to add. I am still paying the welcome loan. And up to date.

      Comment


      • #4
        Re: Mortgage and secured loans

        Okay just checking.

        If the mortgage is joint you will be jointly and serverably liable for any shortfall as your ex. Is there equity in the property to counter a repossession sale price?
        The agreement between you and your ex regarding the loan and the mortgage - was that a formal order through the court or an agreement between yourselves privately.
        Is the Welcome Loan a joint loan as well ? That will probably be in the same position and either you or your ex could be chased for the balance.
        What should happen when the house is repossessed and sold is the mortgage company will take its share first and then welcome would take its share, before you or your ex got any equity - but in most cases where keys are just handed back - there isn't any equity anyway and shortfalls need to be made up.

        How much is the Welcome Finance Loan for ?
        #staysafestayhome

        Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

        Received a Court Claim? Read >>>>> First Steps

        Comment


        • #5
          Re: Mortgage and secured loans

          Yes they are both in joint names. There is about 45k outstanding on the mortgage and around 3-4k on the welcome.

          my ex has now handed the keys back and gave the mortgage company a forwarding address for her. But it's been a while now with no reply (or so my ex says, although she hid the fact she hadn't been paying for 6 months before)

          do I need to continue paying welcome and/or send them a letter of some sort?

          Comment


          • #6
            Re: Mortgage and secured loans

            I would contact the mortgage lender and find out what the situation is, the mortgage is still in your name so you have the right. Is there much equity in the house?

            Keep up payments on Welcome until the house issue is sorted.
            #staysafestayhome

            Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

            Received a Court Claim? Read >>>>> First Steps

            Comment


            • #7
              Re: Mortgage and secured loans

              I doubt it :-(

              i have not not been able to see the state of the house.

              I I would assume the house is worth around 60-70k

              Comment


              • #8
                Re: Mortgage and secured loans

                Okay so once repo costs and arrers and fees are added and the lowered repo sale price, there's not going to be much left to pay Welcome. I'd still give the mortgage company a call and check what the actual situation is with it so you have a better idea from the horses mouth as it were. You can ask them for copies of all documentation sent out to come to you as well as your ex, and you can also ask them for copies letters sent out to date.

                If you're up to date with Welcome then I'd keep paying it, if they lose the security (ie the house) and don't get paid out of the proceeds, and you stop makig payments, you'll be looking at a massive extra whack of charges and fees and a CCJ.
                #staysafestayhome

                Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                Received a Court Claim? Read >>>>> First Steps

                Comment


                • #9
                  Re: Mortgage and secured loans

                  Ok thank you for the advice. In the meantime should I make welcome aware of the situation as well?

                  Comment


                  • #10
                    Re: Mortgage and secured loans

                    I'd wait until you know exactly what is happening as you don't want to nudge Welcome into recalling the debt.
                    #staysafestayhome

                    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                    Received a Court Claim? Read >>>>> First Steps

                    Comment


                    • #11
                      Re: Mortgage and secured loans

                      Ok thank you again :-)

                      Comment


                      • #12
                        Re: Mortgage and secured loans

                        Sorry - 1 more thing. How long do things like this take to be sorted?

                        Comment


                        • #13
                          Re: Mortgage and secured loans

                          Hi Just spotted this thread.

                          It is worth checking that welcome have actually registered the charge if you haven't already.
                          Just been discussing this funnily enough elsewhere, but you can do it online instnantly for just £3 via the land registry website

                          Comment


                          • #14
                            Re: Mortgage and secured loans

                            Hi there. Thanks for your input. Where do I do this? And what would it mean if welcome haven't registered the charge?

                            Comment


                            • #15
                              Re: Mortgage and secured loans

                              Originally posted by WeaponisedFork View Post
                              Hi there. Thanks for your input. Where do I do this? And what would it mean if welcome haven't registered the charge?
                              https://eservices.landregistry.gov.u...roperty_Search

                              It means that they would have all kinds of trouble if they wanted to enforce, also it would mean that you would have extra equity.

                              In other cases debtors have negotiated extremely favorable full and final settlements when agreements have not been properly secured.

                              Comment

                              View our Terms and Conditions

                              LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

                              If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


                              If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
                              Working...
                              X