My partner split with his wife 2 years ago and she along with their 3 children remained in the family home. After the split it came to light that she had run up a lot of dept in his name which he believed had been payed (Approx. 12,000 which we are paying off). We now find out that she is leaving the property and moving into rented property because she has not been paying the mortgage (bank made no attempt to contact my partner to let him know) arrears at present is £7,500 and is in high negative equity at least £40,000.
Yourquestion: Now we know what is going on me and my partner are willing to move into the property and pay arrears and take over mortgage (my father in-law is willing to pay arrears for us). Would the bank remove her name off mortgage deeds etc so we can all move on with our lives. If we cannot do this we are all going to be in a lot of dept and feel that bankruptcy would be are next option. Hoping you can help.
Answer: That is a question for the mortgage company as it is their decision to remove or add someone to the loan. In many instances a mortgage company or bank will not remove someone's name off a loan. This leaves the option of your partner looking to remortgage the property in just his name, or possibly bankruptcy to be relieved of the debt.
I hope this has answered your question.
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