Mortgage Responsibilities

[eyoremore]

I purchased a property with a friend and have a joint mortgage. After a couple of years I met my now husband and have since (10 months) been residing with him. In that time I have still been paying my share for the property and utilities of my joint property. With the current credit crunch my husband and I can no longer afford to pay for two properties so as my friend is not prepared to sell or take on the mortgage alone I have stopped paying my share. I am prepared to have the property reposessed and suffer the consequences. I am prepared to be liable for any 'left over' debt but I am unsure if I can be forced to pay towards the mortgage?

[Ethel]

Yes, you can be forced to pay the mortgage. You are as liable as the other owner who lives in the property. In fact, if you stop paying and your friend 'does a runner' it will all be down to you if your friend can't be traced.

Do you really want a bad credit rating?

You can apply to the court for an Order of Division and Sale - unless there is very good reason why the other owner MUST live in THAT particular property, it is highly unlikely the court will refuse.

[cassa333]

Can you get someone else to move in on your behalf. Like a lodger? or rent out a room.

Although the other owner might not be happy and may make it difficult you could give it a try.

[eyoremore]

I suggested either renting my room out, she stated she would inform the mortgage company of me 'sub-letting', which goes against the legalities I believe of my mortgage. My husband is prepared to sell his property to aid our financial worries, therefore I suggested to her that my husband and I move into the property to which she refused saying he has no legal right to be in 'her' house.

Bad credit rating is not something which I am too concerned about unles it would affect my husband.

[Nosha123]

I would go with Ethels advice here.. do it the proper way - it sounds like your relationship with her is on poor ground and she is resentful of you leaving the property and is being difficult.
You do NOT want a repossesion on your credit file.. it will follow you for years and if you ever do get another mortgage you will pay MUCH more than someone with a good rating. Just not worth it! You will have so many problems getting any kind of finance!

[cassa333]

Actually it is YOUR house as well so you can move in with who ever you like.

Move in there and rent your house out. That way your'll be quids in and she will eventualy get the message your not going to be pushed around.

Isn't there something legal to make a joint morgage owner sell?