did you get an answer for this question through legal advice, i am trying to answer the same question.. my name is also the only one on the title

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I have a joint mortgage with a friend who now want to leave. we have £60k worth of equity in our property and our mortgage left to pay is virtually as it was when we bought the house four years ago, less about £2k (total still to pay is £60k). does this mean that i would have to pay half of the equity plus all of the mortgage payments if i wanted to keep the house? that would mean £30k in equity and all the mortgage payments to retirement (virtually double the 60k mortgage by the time retirement comes along!)?? it just seems a great cost to keep the house and my friend, although walking away from the house, would be taking £30k...if of course i had that kind of money! :-(

You don't have £60k equity in the house. Equity is how much of it you own, ie paid off the mortgage, as opposed to the amount that still has mortgage on. So you have no equity in the house, as you say you still have £60k of mortgage to pay which means you do not 'own' any of the house, the mortgage lender does. But yes your information is correct in that you will have to buy your friends share and still pay the full monthly mortgage payments. Assuming you are both in this 50:50, you will need to get the property valued by 3 estate agents/valuers, and the amount you will need to buy your friend out for is half of the average figure, and get yourself a new mortgage deal to cover this amount and your half of the house. Like you say this is a lot of money, and it may be better to sell the house and split the money left over after fees etc..., although depending on how much deposit was put down and by who, and the LTV of the mortgage (ie 100% mortgage), you wouldn't actually be left with £30k each, it will be less.

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My grace period id up today. i will not be able to pay the full amount of 1103.80. i only have half of my payment and my mortgage company will not accept partial paymnet and will send my check back. my only other option is to default on this payment and double up my next months paymnet. i was out of work for 3 weeks and it damaged my financial status pretty bad. any suggestions? and how bad will skipping a payment drop my credit score?

If you're less than 30 days late, you just pay the late fee and no damage to your credit. If you pay over 30 days late, you get a mark on your report. Hard to say how many points you'll lose. You'll get most of them back within a year. Please, when you get caught up, start yourself an emergency fund. Most recommendations at 6 months worth of living expenses. But a good start is a spare mortgage payment in your savings account. Good luck!

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He was still paying for his ex wife's living expenses and a mortgage on a house in another state. he has since gotten rid of the house and half of the other expenses...now he is just paying child support. he makes double what i do per year and his expendable income after bills and child support is $1600/mth (conservatively- this doesn't count bonuses or military pay). i however have about $300 left over after paying all the living expenses at our place and my own personal bills. my personal bills are less than $500/mth for my small credit cards and car payment and insurance. his however are significantly higher. i am also a single mom supporting my one child with no child support. don't get me wrong he does all the wal-mart shopping for our household of three and he pays for dinner 99% of the time. he rarely says no to anything i want to go do...movies, ballgame, concert type events etc. he also will pay for extra things i need like car repair or plumber bills etc around the house...basically unexpected expenses that i can't handle with the little i have left over. my bills have increased some since he has moved in but not tons...lately its getting tough to make ends meet. i asked him if he would start paying half the mortgage and utilitiess...but he refused...instead he gave me his debit card...but no access to see if there is money in the account...so basically i have to ask every time i use it...does this seem unfair? i stress and watch my pennies every month so i don't have to ask him for extra money while he doesn'tt have to worry anymore....i just feel like it would be more fair if he were to help with half the living expenses and then we shared the walmart, dinner, and entertainment expenses...we don't have to go and do all the time but we do have to pay the bills every month...he doesn't see my side of things at all...because he says he spends more than half of the bills every month anyway....i have always been very independent and while i appreciate everything that he does for us and love him very much i am having a very hard time with having to ask permission to use money for gas, food, etc when i work a full time job just like he does and i am paying for the roof over his head??? am i being unreasonable to ask this?

It seems kinda odd that he doesn't want to split the bills, but if he wasn't there you would have less money than you do now. Since he pays for food and a lot of the extras, him leaving won't lower the rent and would have a negligible affect on utility bills. Maybe he feels like the house is "yours" and if he starts to split the mortgage then it is now "ours" which becomes much more messy should things end. So maybe he feels it is best to support the house in other ways while you handle paying for things that in the end you think are yours if the relationship ends anyway.

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My husband and i had a pre-nup set up before we got married. it's because we both each own a property. my condo value is double his condo in value. we had a pre-nup setup to separate the property if we have to decide to divroce. however, my property is mortgage free, but his is not. we currently living in my condo. we setup an joint account together to pay our common family expenses such as condo fees, grocery..etc. each of us takes out half of our paycheque towards to this joint account. i get to keep half of my paycheque in my own personal bank account, and so is him. right now he rented out his condo and the tenant cover most of the payment except the principle payment. now he wants the joint account to pay for his mortgage because his thinks we are joined together right now so we have to pay for each other's debt, and prenup only works if we are to separate. however, in my mind, a) i don't live at his condo b) if he sells the place he gets all the profit and capital gains what should i do? the reason he gets all the profit and captial gain if he sold the place is what we have set up for in the pre-nup. as i stated before, my condo property is double his value, and it's mortgage free. when he first met me, i already own this property...

You pay the costs on your condo; he pays the costs on his property. Essentially, he's living rent free in your property. Nothing wrong with that - but you are already contributing to him in the sense that he would otherwise have to pay rent to live somewhere. So no, keep your money separate. He pays for his property. In any case, if you pay half the mortgage he won't be able to write all the interest off against the income on the rental, so he'll be shooting himself in foot if he pays it out of the joint account.

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We have about 9 years left on our mortgage. the interest rate is 6.1% and it is an escrow account. if we were to double our payments each month, how long would it take for us to pay it off? would it cut our time left in half?

If you double up on your payments you would actually cut your loan time down to less than 1/2. you would be putting that extra payment each month towards the principal which takes away that extra interest.

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If our congress put aside a federal law for 2 years for banks to be allowed to lease all homes near or in foreclosure for 1/2 price of payments, also mortgage companies to and lock down all credit cards at 12% and accept payments at normal payment price at todays date 2007. then our economy would change for the better. all home owners would pay the taxes, ins. upkeep and after 2 years all payments would resume at normal payments. homeowners win, banks win, all mortgage co.'s win also. they each get rent for 2 years then back to normal. this way the homeowner can pay off credit card debts by making doubling payments, since your renting for 2 years at half price. as is hfc is the wrong way to go. if you get a raise at work it goes to your house payments, instead of normal needs. i suggest you write your book somewhere else, just a short version to comment on this question is called for the stemulous package is a $300 to $600 check. people are loosing their homes, rather than loosing their homes they could lease their homes at half price, so they can wipe out their credit cards since it would be half payment from 2007, not 2008. responsible people would do this. click this= http://www.socyberty.com/activism/f irst-step-for-the-solution-to-globa l-warming.103109 if you start a salvage co and do the first step, you may get rich from under the sand, india found a old stone building in the sand near the beach and ships for the last million years have been beached or storms have sunk them so you a honest job and help to delete global warming at the same time. you may even get a grant for the cost, who knows.

What? To make a logical arguement, there needs to be actual logic involved. It sounds like you think that when people get “extra” money that they’re going to pay bills with it. Are you serious? Have you heard about that economic stimulus package? They’re not giving that to us because we’re (meaning the general population) responsible with money; they’re giving it to us because they know we’ll spend it on crap. Where are financial institutions supposed to get the money to make up the difference between what they should have made and what they will make under your proposal? Interest income allows banks to make more loans, and it seems you want to take it away from them. How does that help fix things? And of course the biggest problem with your “logic” is that it takes the free market out of the picture. Sit back and let the invisible hand do what it does. It will work out in time.

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My mom is a single mother. she works full-time as nursing assistant at the local hospital for $15/hr and she works for my uncle’s drywall business for minimum wage. she has a mortgage, car payment and two children to provide for plus other household expenses (groceries, etc.). not to mention, my uncle offered to renovate our house, effectively doubling my mom’s mortgage payment, if my mom took out a loan for him to buy a new work truck. my mom took out a fifty thousand dollar loan; bought him a 2008 truck and my uncle got his idiotic employees to do the renovations. first, my uncle told my mom he got his employees to work for cheap. he told her that his employees were working for half-price or some similar bullshit! but, not only did they claim to work more hours than they actually did (sometimes they were on the job site but not working, i was home alone one morning and woke up to find them playing rock band on my sister’s wii) and my uncle signed their pay checks at my mom’s expense, they also half-assed the job and when my uncle inspected their shoddy work, he brought the same workers back to fix it but did not penalize them! he actually charged my mom again to have their shoddy work repaired. he effectively scammed my mom, making more money than he would have earned at a regular job! it’s also possible that he charged my mom for expenses needed to renovate his own house or his mom’s house (he’s my uncle-in-law; his mom is not my mom’s mom). now, he’s trying to force my mom out of her job at his business, which isn’t fair at all because my mom is a really hard worker. she’s cleaned out three or more houses in twelve hours came home and slept for a couple of hours and went to work for eight hours at the hospital! she didn’t charge him for a lot of the extra stuff she did for him either, she didn’t charge him at all when she drove him all over the county for whatever reason (not even for gas) because he couldn’t drive while he was impaired. she worked for less and harder than most of his employees and wasn’t bugging him for constant cash advances. however, he’s still forcing my mom out of her job so he can hire his deadbeat brother, who he’s hired several times and on each occasion he has tried to screw my uncle over (i.e. him off, starting his own “business” and stealing my uncle’s clients, etc.), and a pill-popping, drug addict. it’s not fair, is there something my mom can do?

Aha! Well... I think that you should find a Video Camera and record the "workers" when they are playing Wii and later show your mother and i bet she would know what to do ;) ... and let me tell you somethin if i were yo mom i would take him to court and she will get all of that money back! And im pretty sure if u record it that will be great evidence ! :] Hope this helps!

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Ok, just a few years ago, my wife and i both had ficos in the high 700s. but then every member of our family ended up in the hospital for extended stays for different reasons in the same year. even with major medical insurance, the minimum monthly payments on our medical bills were about equal to a years' worth of mortgage payments. we had no choice but to file bankruptcy. in the meantime, with both income earners being out of work for a while and our mortgage payments skyrocketing, we quickly realized that we couldn't keep up with the mortgage payments, even if we ignored the medical bills. in an effort to save our home, we applied through ditech / gmac to have our loan modified, as president obama was throwing billions of dollars at gmac and other banks, and begging the banks to help homeowners just like us. gmac sat on our request for many months, taking no action. the only contact information for gmac loan modification was a voicemail number where phone calls were never returned. finally after over half a year of trying to get our loan modified, we got a letter stating that we were ineligible, as a va loan (supposedly) could not be modified. so i called the va to see if they could help me, and i was told that they could indeed help me...if i'd applied for help just a few days ago... basically, gmac stalled my loan modification request until it was too late for the va to help me through a similar loan modification program. the bastards. to add insult to injury, now we are getting threatening letters from gmac stating that if we are having trouble paying our mortgage, we should consider applying to have our loan modified. that's about enough to throw me into a murderous rage... but anyway, we are going to have to "walk away" from our home now, we have no choice in the matter. we can't afford the mortgage payment which has doubled in the last few years, much of it the "escrow" portion (local tax increases are killing us...and we aren't alone) meanwhile, before we bought our home, we (my wife and i together) rented for several years. we have excellent references from previous landlords, but we haven't rented since like the turn of the century. now i'm looking for apartments, and the only ones i would want to live in (read: not in high crime areas) require credit checks. after bankruptcy and walking away from our mortgage, i don't even want to know what our credit report looks like. it's scary, i'm sure. i might consider taking just any old apartment at first, but we have a infant daughter now. i need to get into a good neighborhood to keep her safe, not to mention keeping my wife and myself safe. so what's the best approach here? a "cosigner" is not an option...the only relative we know who would be willing to do it has worse credit than we do (believe it or not). what we have going for us: - both employed now, earning more money (total) than we've ever earned. - good references from two previous landlords (but no recent rental history) - we've been able to rebuild our savings to the point where we could pay a whole year in advance for rent, if necessary. will this be enough? we're looking in the southern new hampshire area, if it matters. manchester/merrimack/nashua, roughly. on a side note, any landlords in the area willing to help us, please speak up!

You poor people, that really sucks, you seem like really good people too, s**t always happens to the nice guys. Well I think you have enough in those 3 points, what have you got to lose anyway? Best of luck. Sorry about your home

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Obama's mortgage rescue plan is a failure by dick morris & eileen mcgann published on dickmorris.com on june 9, 2009 the data for april and may prove that obama's plan to rescue those facing mortgage foreclosure is a dismal failure. since this issue was the cornerstone of his economic program during the campaign, its abject failure is a significant setback for the administration's economic plan. in the month ending on may 26th, 464,983 foreclosures of subprime and alt-a mortgages (out of a universe of 3.2 million studied). so 15% of all subprime mortgages were foreclosed in may! only 19,041 -- a paltry 6% -- were modified during this period. and of those modified, only 11,200 involved any reduction in the monthly payments! only 12% involved any write-off of interest, fees, or principal and 27% of the loan modifications actually increased the monthly payments due. alan m. white of the valparaiso law school, who conducted the study, noted that the data showed that "the administration's plan to stimulate mortgage modifications does not seen to have had much effect yet, at least in this market segment" [i.e. subprimes]. and the trend lines are all bad: • the number of loan modifications dropped 11% from april to may. • the ratio of foreclosure losses to modification write downs (the amount lost in foreclosure: the amount rescued by write-downs) doubled in the past month. for every dollar saved in modifications, $150 was lost in foreclosure. when obama launched his mortgage rescue plan, he promised that it would help five million households. so far, he is about 4,969,000 short of his goal!! when will the subprime foreclosures stop? in about a year when all of these unfortunate people have lost their homes! why is obama's plan falling so far short of the mark? the fault is its own restrictions. you cannot get a loan modification if: • you have lost your job • you owe more than 5% above what your house is worth • you are already in default • you have not yet missed at least one payment • your lender does not want to participate • your mortgage is not one of the half of all mortgages insured or owned by fannie mae or freddie mac • the reworked mortgage payment would come to more than 31% of your income • your mortgage is over $759,000 • the home is not your primary residence the number of beleaguered homeowners who can slip through the eye of this particular needle and qualify for a mortgage modification is tiny. (we discuss failure of obama's mortgage relief program at length in our new book catastrophe, due out on june 23rd. pre-orders of signed books are available at dickmorris.com) and yet there is an easy remedy at hand. obama should simply say, as they did in sweden, that the government will simply buy the distressed mortgages from the banks and adjust the payments to make them possible for the homeowners. then, when the economy comes back, the homeowners could either pay back the government what they owe for the postponed payments or sell the house and repay the feds from the proceeds. if they won't do either, the feds could then seize the house and get their money back. cost to the taxpayers: zero. in f act, they would likely make a profit. why won't obama do this? it's because a democratic administration cannot throw people out of their homes. better to let them default and make the big, bad bank do the dirty work. all these facts underscore how cynical was obama's campaign in predicating so much of its economic message on an appeal to help those facing foreclosure. you don't hear obama talk about foreclosures any more do you? that's because he knows he has no solution and that he won't offer any.

Good copy paste and edit. The Dems are trying their best to fix this country. Show some support. Don't be like the conservative un Americans who want to boycott GM and Chrysler.