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Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34236
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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my wife cheated on me nearly 3 years ago she left me with

Resolved Question:

my wife cheated on me nearly 3 years ago she left me with loads of debt which i have kept paying we were married 3 years and we will be divorced on 27th feb we had a secured loan in both names which i have kept paying, now her solicitor says if i dont change it into just my name which i cant because i have spoken to the loan company then theres only one choice is to sell my house which iv had years and is in negative equity i just want to know where i stand thanks
Submitted: 2 years ago.
Category: Family Law
Expert:  Clare replied 2 years ago.

Thank you question.

I will do my best to help you but I need some further information first.
How much is the house worth and how much is outstanding on the mortgage and loans?
How long were you living together and what income do you each have?
Clare
Customer: replied 2 years ago.

there is about £103000 left on the mortgage and when i got it valued last year they said it would be between £100000 to £110000 and £12800 on the secured loan and that is in both names, we lived together 8 years she moved in with me and the mortgage was in my name, we remortgage in 2007 and her name was then put on the mortgage she left in may 2012 we were married years,my income is about £1500 per month i dont know what her income is she is a full time nurse which i helped her qualified when she was a student she lives with her partner now, we had a car between us which was in my name and is payed i gave her the car in january last year

Expert:  Clare replied 2 years ago.

What was the loan used for?
How much is the car worth?
Clare
Customer: replied 2 years ago.

the car is worth about £2000 now, i paid £9000, and the loan was credit cards and garden renovation

Expert:  Clare replied 2 years ago.

How much of the Credit Card debts was your ex's
Clare
Customer: replied 2 years ago.

they were in my name she could not get credit when we met so i just used my card

Expert:  Clare replied 2 years ago.

has the property increased in value in the last year?
Can you prove the negative equity?
Clare
Customer: replied 2 years ago.

the property has not really increased and with the mortgage and secured loan it is in negative equity

Expert:  Clare replied 2 years ago.

has your ex said she is willing to pay the costs of sale and repaying the loans if there is a sale (I suspect I know the answer)
Clare
Customer: replied 2 years ago.

no nothing like that they just except that i will pay but if i sell i will not have anywhere to live.she wants her name off the secured loan so we can have a clean break which im fine with, she even asked me to ask my parents to pay it off that was the last time i spoke to her, she thinks then she can get credit loan or mortgage. i dont mind paying what iv been paying since we split up

Expert:  Clare replied 2 years ago.

At the moment you are relatively safe.
If the property was sol tomorrow there would not be enough to pay all the debts and the costs of sale - so you and your ex would have to meet them - and since you have no funds then your ex wold have to pay them all.
So at present you can simply write back and say that you cannot get her released from the secured loan - and ask if your ex is willing to underwrite the mortgage shortfall and the sale costs in the event of a sale.
I am afraid that if the position changes and there are sufficient funds then your ex will be able to force a sale of the property in order that she can be released from the mortgage and the loan.
If you parents are able to assist you at all then you could negotiate with your ex to pay some of the secured loan off so that with assistance form your parents you can clear the balance - look 50/50 split
Please ask if you need further details
Clare
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