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Divorce & Family Law This forum is for discussing any of the legal issues involved in your divorce.

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Old 01-01-2012, 12:58 AM
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very confused is on a distinguished road
Default break up on joint mortgage

Hi everyone
Am hoping for some advice.

Myself and fiance are breaking up and bought a house together 2 years ago. Recently found out about drug use and infidelity.
At this point I'd much prefer offering to buy her out as the house is in a very good location, in an up and coming neighbourhood with tons of potential down the road.

Wondering what all is entailed in removing someone from a mortgage?
Any insight would be greatly appreciated.
Thanks.
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Old 01-01-2012, 01:07 AM
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Well, you can't just remove her from the mortgage. Her name is on the deed, so she has a right to the property. Have you talked to her about buying her out? If you can agree on a buy out, then you'll likely need a lawyer to effect the deal and remove her from the deed and mortgage. I never done this before, but a lawyer was required when I bought my place, so I'm assuming a lawyer would be required to change all that paperwork.
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Old 01-01-2012, 01:52 AM
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Have you confirmed with the bank that you even QUALIFY to hold the mortgage on your own? If her income was combined with yours to determine the lending limit, you might be out of luck! Talk to the bank... and/or shop around to some other institutions also.
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Old 01-01-2012, 02:43 AM
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Quote:
Originally Posted by dinkyface View Post
Have you confirmed with the bank that you even QUALIFY to hold the mortgage on your own? If her income was combined with yours to determine the lending limit, you might be out of luck! Talk to the bank... and/or shop around to some other institutions also.
Valid point.
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Old 01-01-2012, 04:24 AM
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Hi guys.
Thanks for the responses.
I know that the financing won't be an issue with the bank, as her income bared no difference in me getting approved for the mortgage in the first place. Originally we had agreed that i would get the mortgage as she had a bad credit history. Looking back, dumb me said "id like for both of ua to be on this as it is ours."
Speaking more from a legal standpoint of what all is involved to have her removed.
The buy out is certainly an option we'd explore.
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Old 01-01-2012, 10:08 AM
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all you have to do is agree on a buyout value and then a quick trip to the lawyer for each to sign some papers. It wasnt as involved as when you first buy the place. I know my ex just had to sign a paper giving his consent to being removed off the house deed etc.

It really isn't that bad or hard.
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Old 01-01-2012, 02:46 PM
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Spoke to my bank re this. Even Income wise the banks actually employ some form of point system and a spouse with little or no income can still contriubute to your approval say if thier credit rating is tops in the system. The bank will also want assurances that you have all your expenses included - this would specifically include the finincial ones, CS, SS etc. All this will lower the limitfor your loan. It is an unstable time for you so expect the bank to perhaps ask for a little more documentaion - only with respect to your ability to pay after your divorce is settlled.

You can get two independant house appraisers to find the fair price - your bank has a list - you can get one from two different banks, perhaps a friend has needed this service recently???

The rest is choosing the lawyer to get the paperwork straight. You must get the discharge from your existing mortgage so there will be fees from the bank as well for ending the original loan.
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Old 01-01-2012, 04:06 PM
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Quote:
Originally Posted by ddol1 View Post
Spoke to my bank re this. Even Income wise the banks actually employ some form of point system and a spouse with little or no income can still contriubute to your approval say if thier credit rating is tops in the system. The bank will also want assurances that you have all your expenses included - this would specifically include the finincial ones, CS, SS etc. All this will lower the limitfor your loan. It is an unstable time for you so expect the bank to perhaps ask for a little more documentaion - only with respect to your ability to pay after your divorce is settlled.

You can get two independant house appraisers to find the fair price - your bank has a list - you can get one from two different banks, perhaps a friend has needed this service recently???

The rest is choosing the lawyer to get the paperwork straight. You must get the discharge from your existing mortgage so there will be fees from the bank as well for ending the original loan.
but if you keep the mortgage with the same bank they may waive the discharge fees, just tell them that either they do that or you will take your business elsewhere.
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Old 01-05-2012, 09:46 PM
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thanks so much for your insight standing on the sidelines.
greatly appreciated and great advice.
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Old 01-05-2012, 11:32 PM
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Actually, if you are in a good relationship with your bank/bank manager fees can be waived even if a mortgage is not taken right away. A lot has to do with circumstance and what you can negotiate in good faith. I find my bank has always come to be very fair - and usually if not always waive thier fees for all my business. During this time I admit to having problems with the Visa - not in not having the money but the ability to get it right (ie know which day it is and when to pay it and......) they have waived everything and we changed a few things to make it easier for me to get it right!!!! But the bank also knows I am having medical issues along with the divorce stuff and just keeping up with what the ex has tried to do is a full time job at times!!!!

My bank is tops and that is because we do have an honest relaptionship over the years. Lots of words for make the effort to get to know your bank employees and they will do wonders to help you with many things........ They want your business.
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