Ottawa Divorce .com Forums


User CP

New posts

Advertising

  Ottawa Divorce .com Forums > Main Category > Financial Issues

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

Reply
 
Thread Tools
  #1  
Old 04-23-2020, 09:32 PM
seekinganswers79 seekinganswers79 is offline
Member
 
Join Date: Sep 2018
Posts: 31
seekinganswers79 is on a distinguished road
Default Bridge mortgages

We have sold our matrimonial home, but it doesn't close until May 25.

My ex has bought a house that closes may 9 and today asked if I will sign a bridge mortgage with him.

My gut reaction is absolutely not, but I'm not familiar with bridge mortgages at all. I've asked my lawyer to call me about it tomorrow.
Reply With Quote
  #2  
Old 04-23-2020, 10:54 PM
Janus's Avatar
Janus Janus is offline
Senior Member
 
Join Date: Jul 2012
Posts: 2,385
Janus will become famous soon enoughJanus will become famous soon enough
Default

Quote:
Originally Posted by seekinganswers79 View Post
We have sold our matrimonial home, but it doesn't close until May 25.

My ex has bought a house that closes may 9 and today asked if I will sign a bridge mortgage with him.

My gut reaction is absolutely not, but I'm not familiar with bridge mortgages at all. I've asked my lawyer to call me about it tomorrow.
Given the current economic situation (ie. the worst in almost 100 years), it is not impossible that your house will fail to close on May 25th. At that point the bridge loan becomes a nightmare. You will be paying for your old house, for your ex's new house, and potentially for your new house/mortgage as well.

You would sue the buyers who defaulted on your house, and you would likely win, but they may not have the resources to pay the judgement. In addition, the process would take months, and you could very well be defaulting yourself by that point under the weight of all those payments.

There is zero chance that I would agree to sign a bridge loan in these circumstances.
Reply With Quote
  #3  
Old 04-23-2020, 11:00 PM
seekinganswers79 seekinganswers79 is offline
Member
 
Join Date: Sep 2018
Posts: 31
seekinganswers79 is on a distinguished road
Default

Thank you for validating my thoughts on this, Janus!
Reply With Quote
  #4  
Old 04-24-2020, 08:21 AM
Stillbreathing Stillbreathing is offline
Senior Member
 
Join Date: Dec 2014
Posts: 534
Stillbreathing will become famous soon enough
Default

If your ex defaults on the bridge mortgage for any reason, the bank will come after you for the money.
Reply With Quote
  #5  
Old 04-24-2020, 01:09 PM
Abba435 Abba435 is offline
Banned
 
Join Date: Jan 2020
Location: Eastern Ontario
Posts: 395
Abba435 has a little shameless behaviour in the past
Default

One word. NO.
Reply With Quote
  #6  
Old 04-24-2020, 02:43 PM
seekinganswers79 seekinganswers79 is offline
Member
 
Join Date: Sep 2018
Posts: 31
seekinganswers79 is on a distinguished road
Default

Quote:
Originally Posted by Stillbreathing View Post
If your ex defaults on the bridge mortgage for any reason, the bank will come after you for the money.
I spoke with the bank this morning as well as my lawyer. I let him know I can't sign the bridge mortgage with him. Thanks for your help, everyone.
Reply With Quote
  #7  
Old 04-24-2020, 02:44 PM
seekinganswers79 seekinganswers79 is offline
Member
 
Join Date: Sep 2018
Posts: 31
seekinganswers79 is on a distinguished road
Default

Quote:
Originally Posted by Abba435 View Post
One word. NO.

I used a few more words, but that was the gist of my reply. lol

I'm not sure what he's going to do. I need to keep reminding myself that it's not my problem to stress over.
Reply With Quote
  #8  
Old 04-24-2020, 03:15 PM
LovingDad1234 LovingDad1234 is offline
Senior Member
 
Join Date: Aug 2019
Posts: 244
LovingDad1234 is on a distinguished road
Default

Why is your ex asking you to sign into financial terms for HIS new house? You are done with him. No more ties or links. Tell him to ask his parents or a friend, not you.
Reply With Quote
  #9  
Old 04-24-2020, 03:31 PM
seekinganswers79 seekinganswers79 is offline
Member
 
Join Date: Sep 2018
Posts: 31
seekinganswers79 is on a distinguished road
Default

Quote:
Originally Posted by LovingDad1234 View Post
Why is your ex asking you to sign into financial terms for HIS new house? You are done with him. No more ties or links. Tell him to ask his parents or a friend, not you.
Why is he asking? How much time you got? lol

Honestly, he probably never even considered the possibility that I'd say no. He's selfish, self-centred, displays narcissistic behaviours. This is one just one example of this kind of behaviour that ultimately led to the separation.

When he brought the subject up last night, I let him know I'd speak to my lawyer and the bank this morning, but that I was leaning towards no. I suggested he prepare to fall back on his plan B.

His reply? "I have no plan B."
Reply With Quote
  #10  
Old 05-19-2020, 03:52 PM
seekinganswers79 seekinganswers79 is offline
Member
 
Join Date: Sep 2018
Posts: 31
seekinganswers79 is on a distinguished road
Default

Just to close the loop on this, I did in fact end up saying no.

He ended up adjusting his closing date to the 25th so that it matched up with the close date of our sale. No bridge loan needed.

Thanks all for your input .
Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Corona virus - Mortgages and rent Abba435 Financial Issues 6 03-26-2020 09:00 AM


All times are GMT -4. The time now is 11:08 AM.