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-   -   Mortgage renewal (https://www.ottawadivorce.com/forum/showthread.php?t=23582)

trueblue22 05-10-2021 07:12 PM

Mortgage renewal
 
Hello everyone,

I just wanted to ask for some advice.

I found out from my ex the mortgage on the matrimonial home (I am living in it my ex is living somewhere else) is due for renewal. My ex has indicated he will not be renewing it. The house is in my ex's name but the mortgage is in both our names.

I would gladly renew the mortgage but my ex has said he will not be renewing it. The bank won't renew without him since I don't have enough money or a high enough income to make all the payments. He is using this as a tactic to force me to sell the house. Can he do that? It doesn't benefit him since the house is in his name or does it? Is this a way he can force me to sell the house?

Kinso 05-10-2021 08:05 PM

Find out from the bank what the consequences are for not renewing. Sometimes it just converts to an open mortgage at a higher interest rate. Not ideal, but not a forced sale.

standing on the sidelines 05-10-2021 08:09 PM

just move out so the house can be sold. We keep telling you that.What he is doing now is washing his hands of it. The bank will foreclose when the mortgage is not renewed or paid off. Then you will find out how quick the bank will lock you out.

rockscan 05-10-2021 08:13 PM

Yes he can. Which means the house would be foreclosed and you both would get nothing. Not to mention your credit would be shot. He runs the risk of losing too but he may have better credit than you and he has a steady income. With no home you also run the risk of losing custody.

Continuing to drag your heels is a bad idea.

StillPaying 05-10-2021 08:58 PM

Kinso is correct; ignore the peanut gallery. You'll be moved into an open mortgage with a much higher payment. Not ideal but since ex makes the payments, this will negatively affect him- as would stop paying all together. Court may be sooner than you hoped but you're still fine for now.

trueblue22 05-10-2021 09:31 PM

Quote:

Originally Posted by StillPaying (Post 246207)
Kinso is correct; ignore the peanut gallery. You'll be moved into an open mortgage with a much higher payment. Not ideal but since ex makes the payments, this will negatively affect him- as would stop paying all together. Court may be sooner than you hoped but you're still fine for now.

Does this mean he can claim he's making higher third party payments as part of unofficial spousal support payments?

It's a relief to know he can't use mortgage renewal as a tactic against me.

rockscan 05-11-2021 07:43 AM

Quote:

Originally Posted by trueblue22 (Post 246208)
Does this mean he can claim he's making higher third party payments as part of unofficial spousal support payments?

It's a relief to know he can't use mortgage renewal as a tactic against me.


He can claim occupational rent if the cost goes up above what he may owe as spousal. Remember that entitlement hasnt been determined and this is one more way you will have to pay him back if digging in is wrong.


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StillPaying 05-11-2021 11:16 AM

Quote:

Originally Posted by trueblue22 (Post 246208)
Does this mean he can claim he's making higher third party payments as part of unofficial spousal support payments?

It would mean he makes poor financial decisions, not much more. Choosing to pay more for mortgage is his choice so shouldn't affect you. I think it'll come down to the items he's paying for rather than every nickel and dime.

Quote:

It's a relief to know he can't use mortgage renewal as a tactic against me.
You're not paying, so it's hard to use against you. If you were paying the mortgage, you could go to court to force your ex to renew but that's all on him.

Quote:

He can claim occupational rent if the cost goes up above what he may owe as spousal. Remember that entitlement hasn�t been determined and this is one more way you will have to pay him back if digging in is wrong.
~ 😬 smiling and nodding

rockscan 05-11-2021 11:49 AM

Stillpaying Im surprised you are taking the stance you are in this topic. OP is trying to fleece her ex and claims all this entitlement. Shes also dragging this out. If it was your ex you wouldnt have such rosy advice!


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StillPaying 05-11-2021 12:11 PM

Quote:

Originally Posted by rockscan (Post 246213)
Stillpaying I�m surprised you are taking the stance you are in this topic. OP is trying to fleece her ex and claims all this entitlement. She�s also dragging this out. If it was your ex you wouldn�t have such rosy advice!


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Ex is getting a discount and certainly doesn't mind the delay.
OP is living comfortably for now, avoiding the upcoming change for as long as possible.

Let the stance you take follow the rules and get rid of emotion. Then you don't have to make things up or provide mind-blowing disservice with every post.


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