Hi, I’m getting divorced and I won’t be able to pay my mortgage. What happens when i go into mortgage arrears?
I’m getting divorced, my husband became violent and I’ve had to call the police on a number of occassions. He used to earn a lot of money so we bought a house for £140k, with a £100k deposit so we needed to borrow £40k which we took over 2 years. I do not work and he does not give me any money to look after our 3 year old daughter. I took a mortgage break in September which ends at the end of this month. The payment due is £3700, which I won’t be able to pay. I have phoned the mortgage company and told them all of this, and to ask if I could have an interest only mortgage. But they said that this could only be done if my husband rings up to agree to this. He won’t do this because he wants me to loose my home so that he can get his deposit back. I am just very worried now what the consequences of going into mortgage arrears are?
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You will face foreclosure.Try to sell Now and Then buy what you can afford.
Call up your bank and ask if they can do a short sale. In America banks will often take a short sale as opposed to forclosure. A short sale is where you sale the home for whatever you can get and the bank takes that money and eats whatever the loss is. Since your not in the states your’ll have to ask your bank if they do this, but I don’t see why they wouldn’t. As bank don’t want to sale a foreclosure (their a bank not a realestate company) and they also don’t want to tell their lender they have a foreclosure.
They eventually take your house… Do you have family that could help you out? Or can you talk to the bank about refinancing? Or talk to your divorce lawyer and make your husband pay for it, which he should.
If you’re seeking a temporary solution until you can get on your feet, you may want to look into hard money.
eg. google.com-search– hard money (locationhere)
They can provide short term help, But only for a year or two, typically interest is higher, and you MUST have equity in the property.
So, if you have 100,000 in equity, you can probably pull out 60,000.00.
Also, seek home equity line of credit.
Hope it works out.
okey the mortgage company gave you from sept.-april that is 7 months to get “your act together”
now i am not trying to be hard on you (read my profile)
they gave you 7 months…………..
you should have got your act together..
now……..that would be a lawyer???
who has put a settlement agreement in place???
anyhow..ultimate is the bank will start foreclosure…
now you havn’t made a single payment or done a single thing which includes a lawyer…
now don’t you think you deserve 50% of his asssets for being used as a “punch ball”…
so why didn’t you protect that..
doesn’t matter what the guy wants..don’t you deserve the 50% of the 100K..and being in pounds..that is like 250k here…..
and you are not protecting that………ouch…
did you get “brain damaged”
i would be on the phone….and asking lawyers..and who has done a similar case..or hanging out at the courts and asking the court clerks….if they of someone..that has done something similar……..
and putting a claim in on that 50%
or that bank will be..claiming it..and foreclosing..
sorry about sounding harsh…but you have wasted 7 months…..you could have had a plain in place….for now to take to the bank..rather than asking them..for more..time..now had you gone to them..and showed them..you were getting your “act/plan together” they may have done something..
anyhow……..get up..and do something before it is to late..