Bridge mortgages

[seekinganswers79]

We have sold our matrimonial home, but it doesn't close until May 25.

My ex has bought a house that closes may 9 and today asked if I will sign a bridge mortgage with him.

My gut reaction is absolutely not, but I'm not familiar with bridge mortgages at all. I've asked my lawyer to call me about it tomorrow.

[Janus]

We have sold our matrimonial home, but it doesn't close until May 25.

My ex has bought a house that closes may 9 and today asked if I will sign a bridge mortgage with him.

My gut reaction is absolutely not, but I'm not familiar with bridge mortgages at all. I've asked my lawyer to call me about it tomorrow.

Given the current economic situation (ie. the worst in almost 100 years), it is not impossible that your house will fail to close on May 25th. At that point the bridge loan becomes a nightmare. You will be paying for your old house, for your ex's new house, and potentially for your new house/mortgage as well.

You would sue the buyers who defaulted on your house, and you would likely win, but they may not have the resources to pay the judgement. In addition, the process would take months, and you could very well be defaulting yourself by that point under the weight of all those payments.

There is zero chance that I would agree to sign a bridge loan in these circumstances.

[seekinganswers79]

Thank you for validating my thoughts on this, Janus!

[Stillbreathing]

If your ex defaults on the bridge mortgage for any reason, the bank will come after you for the money.

[Abba435]

One word. NO.

[seekinganswers79]

If your ex defaults on the bridge mortgage for any reason, the bank will come after you for the money.

I spoke with the bank this morning as well as my lawyer. I let him know I can't sign the bridge mortgage with him. Thanks for your help, everyone.

[seekinganswers79]

One word. NO.

I used a few more words, but that was the gist of my reply. lol

I'm not sure what he's going to do. I need to keep reminding myself that it's not my problem to stress over.

[LovingDad1234]

Why is your ex asking you to sign into financial terms for HIS new house? You are done with him. No more ties or links. Tell him to ask his parents or a friend, not you.

[seekinganswers79]

Why is your ex asking you to sign into financial terms for HIS new house? You are done with him. No more ties or links. Tell him to ask his parents or a friend, not you.

Why is he asking? How much time you got? lol

Honestly, he probably never even considered the possibility that I'd say no. He's selfish, self-centred, displays narcissistic behaviours. This is one just one example of this kind of behaviour that ultimately led to the separation.

When he brought the subject up last night, I let him know I'd speak to my lawyer and the bank this morning, but that I was leaning towards no. I suggested he prepare to fall back on his plan B.

His reply? "I have no plan B."

[seekinganswers79]

Just to close the loop on this, I did in fact end up saying no.

He ended up adjusting his closing date to the 25th so that it matched up with the close date of our sale. No bridge loan needed.

Thanks all for your input .