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Old 06-03-2013, 05:51 PM
FB_ FB_ is offline
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Originally Posted by May_May View Post
Can someone tell me the bank is continually renewing our mortgage (I moved out of the marital house 2.5 years ago, and the house is in both of our names...(I cannot afford to take him to court to force him to sell, or to continue with the divorce process due to major problems with his disclosure and offer).

I won't sign (the bank has called me twice already over different periods), and they just keep renewing knowing that I'm not paying for half of the mortgage anymore (agreement between our lawyers 6 months after I moved out as he was going to buy me out). How is this possible ? and how long is a bank allowed to do this ? (I've heard mixed stories that the bank is supposed to not re-new if I won't sign (as it is in both our names).

Looking for anyone who has any experience with this...Thanks
The bank MUST continue to renew your mortgage. They are probably renewing it on an OPEN basis for a 6 month terms which means you can get out of the mortgage at any time.

They do not require your consent to do this as you have already agreed to pay them. They CANNOT put you into a fixed term closed mortgage without your signature.

EDIT: This happened to me during our in home separation. They gave me a 5 year open variable @ prime + 1.35.

This was cheaper than the 6 month open which was 6% I believe.

Last edited by FB_; 06-03-2013 at 05:54 PM.
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