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Divorce & Family Law This forum is for discussing any of the legal issues involved in your divorce.

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  #11  
Old 12-25-2018, 01:26 PM
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Janus Janus is offline
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To fight the motion, you need to show you have the means to purchase the house.

To show you have the means to purchase the house, you need to estimate some numbers, and get pre-approved from the bank. This is not the same as getting the loan, the bank will obviously not loan you a penny until you have proof in writing that you are actually getting the support you claim you are going to get.

...as for not knowing enough to say if you can afford the house with shared custody... call it a feeling

(If you are guaranteed custody, you can fight the motion by trying to get exclusive possession. Be prepared for massive legal bills though if you go that route because it will likely bring an unbearable amount of pressure on your ex which will force him to fight)
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  #12  
Old 12-25-2018, 05:51 PM
summersimmer summersimmer is offline
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too cynical, however, I think I have a better idea of what needs to be done.

thank you.
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  #13  
Old 01-02-2019, 01:50 PM
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... it isn't a feeling... it really is a good response based on years of experience with the same question asked again and again that nets the same result. You will be forced to sell the home and move.

Exclusive possession is "temporary" and will only go to the end of June when school ends generally.

If you need "support" to survive you won't qualify for a mortgage unless the other party to this has been married to you for 10+ years and makes well over 250,000$. It is simply math.

Unless you live in a trailer in Timmins that is worth 30K. Everywhere else homes are over 350,000 generally. Worse if you are in Southern Ontario.
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  #14  
Old 01-02-2019, 06:42 PM
summersimmer summersimmer is offline
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You guys should stick to the question asked.
No one cares what your opinion is on my ability to buy out the spouse based on your psychic hotline experience. sheesh!

Me? I care about holding off the sale until a the final settlement so I can work the numbers, that is all.
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  #15  
Old 01-02-2019, 07:17 PM
iona6656 iona6656 is offline
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to be fair- read your quote below. YOU have said- that whether you can afford it depends on spousal and child support...and everyone on here has said you should not be relying on the support as an income stream for the purposes of a mortgage.

I can't even get a pre-approval because the proceeds of our sale are held up in trust. And I qualify for more than what our mortgage was worth....so what everyone keeps says is that you should just sell.

Can I ask what the hesitation is? Are your kids in the school district? can you downsize?



Quote:
Originally Posted by summersimmer View Post
1. Until a settlement the amount of child support and spousal support is not known. So maybe I can afford it maybe I cannot. I should be able to but it is unknown.

2. I did go to an appraisal company. The house was appraised as 20% higher than market by them.

So what I want to do is buy the house.
I thought I should have a right to buy it but the ex is holding up the finances.
How do I stop a motion to sell the house until the settlement?
how is your ex holding up the finances? If you are looking to buy him out- you should already have a sizeable amount to buy out his equity?
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  #16  
Old 01-02-2019, 07:21 PM
rockscan rockscan is offline
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Banks donít operate on separation agreements. They operate on income and credit rating erego ability to pay. An agreement means nothing to them. You could go in with an agreement that says you get $1000 a month but your ex never pays therefore you cannot pay your mortgage. If you donít qualify for a mortgage now, you wonít when the matter is settled.

Your original question was how do you stop the motion to sell. The answer is you get a mortgage to buy the property. Both Janus and Tayken have answered it, you didnít like the answer.

If the shoe was on the other foot and you wanted your $$$ out of a house your ex refused to sell, how would you feel?
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  #17  
Old 01-04-2019, 09:26 AM
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the only time the bank wanted to see my separation agreement was when I was going for the actual mortgage. I was pre-approved for a couple of months before I went for the actual mortgage. His lawyer wanted proof that I could get the money to buy the ex out before the separation papers were signed.
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  #18  
Old 01-04-2019, 10:04 AM
rockscan rockscan is offline
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Then you have the mortgage. What is the issue? Either you have a mortgage or you donít and if you donít then you canít block the sale.
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  #19  
Old 01-04-2019, 10:58 AM
OrleansLawyer OrleansLawyer is offline
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Quote:
How do I win that motion do delay the sale?
Do you have children living in the home with you? That could be grounds to delay the sale. Otherwise, expect for the house to sell.

That being said, nothing prevents you from making an offer on the house.

Quote:
I can't get financing or an idea of what I can afford until the separation agreement is done.
That simply is not true. If your bank or mortgage broker is saying this, go to a different bank or mortgage broker. You may need to have a signed agreement in hand, but they can tell you whether the terms of that agreement will allow you to qualify (or not).

Quote:
2. I did go to an appraisal company. The house was appraised as 20% higher than market by them.
So let it go to market then be the highest bidder.

Quote:
I thought I should have a right to buy it
You don't. Your ex can refuse to sell their interest in the house to you.

Quote:
Banks won't provide a loan based on "this is what is should look like" they need final separation agreements.
That won't provide the loan, but they will say "if these are the circumstances then you will/will not qualify for a mortgage".

Quote:
Banks donít operate on separation agreements. They operate on income and credit rating erego ability to pay. An agreement means nothing to them.
This isn't true. If you make $200k but do not have a separation agreement you are likely going to a B lender because the A lenders all want an agreement saying what your support obligations will be. Making $200k isn't helpful if you pay $150k in support from that income.

Similarly, I have seen people qualify for a mortgage based off of their income from support.

Quote:
Either you have a mortgage or you donít and if you donít then you canít block the sale.
Not strictly true on an interim basis but that is how it works often enough.
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  #20  
Old 01-06-2019, 12:55 AM
denbigh denbigh is offline
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You absolutely can go to a bank now and find out if you have a chance to get a mortgage. no they wont give you the actual loan until you have the separation agreement, but they will tell you if you are likley to qualify. You already know your income from work. You should have an idea of how much child support you would get. You should have an idea of how much spousal support you would get. No, maybe you dont have the exact number, but if you are being realistic and fair then you should have an idea. you should have a very good idea of the value of the assests, because they are always half of what you own.

you can even ask about different scenarios, if my income is A would i likely qualify? if my income is B would I likely qualify? Then you will know if you have any hope of keeping house, or needing to find someone to co-sign with you, or if not you will need to sell it.

What happened in my case, was I went to 2 different banks (where the mortgage was currenlty, and a new bank) and found out if I would likely qualify. I recieved some spousal support, in the form of a lump sum. It was not a cash lump sum, rather it came from my ex's portion of the house. A lump sum worked best becasue I wanted to keep the house, so it was easier to just roll it into the house rather than take a monthly payment for x number of years. Then once all of that was getting pretty close to finalized and agreed apon, I went and got the actual preapproval to lock in an interest rate as rates were rising. Then everything happened at once, signed the agreement, took out a new mortgage in my name on the house, equalizaiton done. the day I signed the agreement, i went to the bank with the agreement to start the mortgage.
In my case, the bank had initally told me that they would want to see, not just the separation agreement to indicate what child support I would get, but also about 3 months worth of actual payments to show that the ex did in fact pay it. In the end they didnt take that, and just used the separation agreement, but I also think they felt it was a low risk situaiton for it to not be paid.
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