trouble with mortgage

[gerrylfc]

brought a house 4/5 years ago with ex,soon after buyin house we spit up she moved out un stopped paying mortgage!! so i have been paying mortgage for the last 3/4 years and now in a bit of debt want 2 sell bt wont be able to cos there is too much negative equity in house we got 109% mortgage and i recently got house valued its now worth £70,000 bt mortgage is £88,000 un the loan is £12,000 dont know what to do can any 1 help me or let me know who 2 contact much thanks

[Nibble]

Do your building society know your situation? - they should - is your ex still on the mortgage? they should be your first port of call.

[arwyn]

Have a chat with your bank they can shrink your payments and extend the amount of years the mortgage is for.

[factor-fiction]

If you want more answers you may want to repost this in Personal Finance

[ubasses]

A visit to citizens advice for a chat with one of their advisers would probably be a good idea. Have you spoken to your Mortgage Company, they may be willing to help by extending the term of the loan, or allowing you to pay interest only for a period. Both these will reduce your payments at least for a while. You can reassure the Mtg Co. that as soon as you get yourself in a better position you will make overpayments.

What about the option of taking in a lodger if you have spare room, you can charge a rent of £4250 per annum without having to pay tax on it which would go a good way to meeting the loan payments.
Finally have you discussed the position with your ex, if this doesn't get sorted and they repossess they will chase her for any shortfall if she is still on the Mtg. and if you cannot pay and she may be willing to help to prevent this.