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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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  #1  
Old 06-03-2013, 05:49 PM
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Default Mortgage Renewal ?

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
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Old 06-03-2013, 05:51 PM
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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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Old 06-03-2013, 07:10 PM
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Thanks FB_
I was hoping at some point the bank would intervene as well
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Old 06-03-2013, 07:12 PM
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Thanks FB_
I was hoping at some point the bank would intervene as well
The only way they can do that is to call the mortgage and it would have to be paid in full immediately.
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Old 06-04-2013, 01:12 PM
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I was hoping at some point the bank would intervene as well
If the mortgage is being paid, they will not take action other than the keep the ball rolling. If it isn't, then they will tank both of your credit ratings and, if necessary force the sale of the house.
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Old 06-05-2013, 07:12 PM
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Thanks for your help!
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