Hi all. I beleive the FRO here in Ontario is taken in a bad way by most on this site - respecting everyone here I could be wrong ????
What I am really concerned about is my future after all this gets settled and sadly I will be very much dependent on her for SS as CPP Disability doesn't give enough to be even poor! So my concern and question is this:
I accidently came across paperwork for refinancing this house dated last month (to which I am "cosigner" on the property deed). I called my bank manger just to be on the safe side to confirm that yes - there is no way she can even borrow against this (our) property unless I sign so this is good. It is just one more piece of the little puzzle on my wife's thinking. She thinks she can swing this (keeping the house that would require her to sign a huge mortgage. If she has even heard a little equalization will be in my favour even if at this time she or we can not come to reasonable terms as to what that amount might be. Whatever the amount it will mean even a bigger chunk of cash she will need.
This is where the FRO may come in for my "protection" should our settlement end up with monthly SS payments. I have been figuring as well and i really do not think there is enough asset for her to settle (actually it is not even close). Should my Wife - Ha! sorry all STBX! makes her own choice to mortgage up to "over her head" I shall assume that our final settlement does have an element of SS. Say my STBX goes for it and gets the mortgage and our agreement has SS and my wife runs into the dillema of only being able to pay the mortgage or the SS and she chooses the mortgage then exactly how does the FRO step in??????
How how does FRO really work? Does one of the spouses have to "sign up" with the FRO or is it just an automatic thing that is done for all - FRO is involved in all support cases. Thinking the worst, it would first start with the first monthly payment missed, then maybe the second or perhaps only a part payment is made.......how long does it go before the FRO steps in to help the payee? What I am trying to do now is to understand as I build my realistic budget based on things that can go wrong. Can anybody tell me the scoop? (And yes I have heard or read the horror stories of non payment - which i would not wish on anyone........)
My worry is yes my STBX has the right to drown in debt - I also see her not looking at the "big picture" and making her choices based on absolutely no solid evaluation or financial feasability just the emotion "I want my house!" Can anybody fill in some details for me?? thanks to everyone.....
What I am really concerned about is my future after all this gets settled and sadly I will be very much dependent on her for SS as CPP Disability doesn't give enough to be even poor! So my concern and question is this:
I accidently came across paperwork for refinancing this house dated last month (to which I am "cosigner" on the property deed). I called my bank manger just to be on the safe side to confirm that yes - there is no way she can even borrow against this (our) property unless I sign so this is good. It is just one more piece of the little puzzle on my wife's thinking. She thinks she can swing this (keeping the house that would require her to sign a huge mortgage. If she has even heard a little equalization will be in my favour even if at this time she or we can not come to reasonable terms as to what that amount might be. Whatever the amount it will mean even a bigger chunk of cash she will need.
This is where the FRO may come in for my "protection" should our settlement end up with monthly SS payments. I have been figuring as well and i really do not think there is enough asset for her to settle (actually it is not even close). Should my Wife - Ha! sorry all STBX! makes her own choice to mortgage up to "over her head" I shall assume that our final settlement does have an element of SS. Say my STBX goes for it and gets the mortgage and our agreement has SS and my wife runs into the dillema of only being able to pay the mortgage or the SS and she chooses the mortgage then exactly how does the FRO step in??????
How how does FRO really work? Does one of the spouses have to "sign up" with the FRO or is it just an automatic thing that is done for all - FRO is involved in all support cases. Thinking the worst, it would first start with the first monthly payment missed, then maybe the second or perhaps only a part payment is made.......how long does it go before the FRO steps in to help the payee? What I am trying to do now is to understand as I build my realistic budget based on things that can go wrong. Can anybody tell me the scoop? (And yes I have heard or read the horror stories of non payment - which i would not wish on anyone........)
My worry is yes my STBX has the right to drown in debt - I also see her not looking at the "big picture" and making her choices based on absolutely no solid evaluation or financial feasability just the emotion "I want my house!" Can anybody fill in some details for me?? thanks to everyone.....
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