Remortgage Or Sell & Move On?
My partner & I have recently seperated. The house is in my name but we have a joint secured loan & a personal loan. He is refusing to move out until I either sell or remortgage to clear the loans as niether of us would be able to pay them alone & I dont want to have them over my head (especially the secured) whilst Im living in the house.Im fine with this for now but Im unclear of which I should do. Do I remortgage & end up with a hefty mortgage repayment & him with no debts (the secured loan was originally for him to clear his previous debts & he has always paid this himself) or do I sell? Selling & moving out wouldnt bother me but the house needed alot of work doing to it & Im right in the middle of it at the moment so I dont think It would be worth enough to cover everything & it could take months which means him living with me all that time too, Ive even considered them quick sale companies Im so confused & desperate!! Any suggestions?
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Get three agents round to value the property and then get it on the market. If the value is not enough to clear debts try and remortgage but over a longer period dependant upon your age you could have a 30 year mortgage and that way the payments would be lower and don’t feel bad as you will still have a house which is the best investment you can hold.
See if remortgaging the house on a longer deal or possibly interest only mortgage would allow you to keep the house….. this should help you with your mortgage payments.
Also see a solicitor – the loans are in joint names, he is legally oblidged to pay half!! You can usually get 30 mins free advise with a good solicitor!!
Good luck!!!
best to try and sell then move on, that way you can start again. the sell and rent companies are not regulated and it is hard to tell which are the genuine ones ( the ones which let you rent your old property so you don’t have to move till you’re ready.)
Go and see a solicitor to find out were you stand. If you sell and make a profit, will he want some. If you pay off the debts he walks away with no debts and you end up with them all. That don’t sound so good to me.
Put it up for auction. It will sell quickly. Although u make a little bit of a loss it but at least u dont have to wait around waiting to sell it and continue paying mortgage on it.
get a Realtor – list it – and move on – sounds like otherwise you’d get the house (thru a refi) and lose it later -
sell and move on – unmarried people shouldn;t buy real estate to begin with
sell and move on………………
sell i think – but i advise u to see a lawyer..if un uk – see alawyer in croydon they are very good!
If you cannot afford the new payment, you’ll be best to sell and move on rather than refinance.
If the condition of the home and it’s value do not allow you to get what you need to cover the liens, you’ll have to list it with a broker who is experienced in short sales, or come up with the difference in cash.
You’ll have to work together on that, since he’s on the mortgage as well.
The broker you hire will make all the difference. You need a full time, experienced agent with a proven track record and references. Depending on where you live, you may also need those same qualities in an attorney who is also familiar with short sales.
Stop spending money on the house- you won’t get it back. Tidy it up as best you can, list it “as is” and price it as competitively as you are able.
If you auction, set a reserve price high enough to cover your obligations so you are forced to sell for less than what you need.
Good luck