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  • #16
    Banks don’t 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 don’t qualify for a mortgage now, you won’t 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 didn’t 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?

    Comment


    • #17
      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.

      Comment


      • #18
        Then you have the mortgage. What is the issue? Either you have a mortgage or you don’t and if you don’t then you can’t block the sale.

        Comment


        • #19
          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.

          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).

          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.

          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.

          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".

          Banks don’t 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.

          Either you have a mortgage or you don’t and if you don’t then you can’t block the sale.
          Not strictly true on an interim basis but that is how it works often enough.

          Comment


          • #20
            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.

            Comment


            • #21
              Originally posted by summersimmer View Post
              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.

              Wow...just wow!



              Anyone else besides me hoping that this home sale gets pushed through?

              Comment


              • #22
                Originally posted by cashcow4ex View Post
                Wow...just wow!



                Anyone else besides me hoping that this home sale gets pushed through?
                She is most likely just raw and emotional during the initial stages of separation. I suspect in a year from now she will look back and think what a mistake it was to fight over a house full of bad memories. Personally I wouldn't want the stress of trying to afford it and be house poor. Sorry kids, no soccer for you this year, cause we living in this house.

                Comment


                • #23
                  I was in the same boat. Was willing to buy the home, etc. Ended up just selling it(...at less than I would have paid for it) and buying another in the neighbourhood.

                  Comment


                  • #24
                    There was good content aside from the obvious bitterness and negativity in some of the posts.


                    I am glad people don't know who the payor or payee is for child /spousal support.


                    Most people here have either been aggressors or victims and I think the bias came out.


                    thank you for the good information.

                    Comment


                    • #25
                      Originally posted by cashcow4ex View Post
                      Wow...just wow!



                      Anyone else besides me hoping that this home sale gets pushed through?
                      Next question will be if hiring a company to pick up dog poop at the house is an S7 expense.

                      Comment


                      • #26
                        Lump sum

                        You wrote

                        "It was not a cash lump sum, rather it came from my ex's portion of the house. A lump sum worked best because 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."

                        What did you lawyer say to that? Were the lawyers screaming no, lets push for more etc etc

                        Comment


                        • #27
                          Originally posted by denbigh View Post
                          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.
                          You wrote

                          "It was not a cash lump sum, rather it came from my ex's portion of the house. A lump sum worked best because 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."

                          What did you lawyer say to that? Were the lawyers screaming no, lets push for more etc etc

                          Comment


                          • #28
                            Originally posted by Tayken View Post
                            Next question will be if hiring a company to pick up dog poop at the house is an S7 expense.



                            LOL ...glad you got a chuckle out of it! Her argument of the kids should have the right to play in a clean back yard was compelling though!

                            Comment


                            • #29
                              My own lawyer?
                              My lawyer told me these are the options, monthly or lump, and figured out what the amounts of each were. This was my offer to ex. Ex’s offer was no spousal support then eventually agreed to an amount. It was less than an equivalent amount should it have been monthly for several years and that was because of the tax implications

                              Comment

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