Ex Screwing my Mortgage Application

[Teddie]

My ex and I have been following an interim agreement 50/50 with joint custody since December. We have sold our marital home and have each purchased new homes. My lawyer and I have been trying to get a finalized access and custody order but she will not agree. She wants to reduce me to weekend access and collect full CS and SS (which she is not entitled to based on her salary). No matter how much we push, we will never get a finalized agreement unless we appear before a judge which is going to take a least a month.

My house closes next week and the bank has approved me based on me paying offset CS: because this arrangement is not finalized my bank is worried about my ability to pay the bills should I have my access reduced and start paying full CS. Right now, getting a finalized agreement in place before next week is not possible so I will be losing my new house and cash deposit I gave the builder. My ex is fully aware of the situation she is putting me in and I'm sure she is loving every second of it. Her new place is ready in September so she has nothing to worry about.

How the hell can I get approved now? Even with a co-signer the bank won't give me the money unless they have proof that I will be paying offset CS. Needless to say I am pissed at the bank for only mentioning this was a problem a week before closing.

 

[dinkyface]

How about trying a different lender specialising in higher risk loans - you will have to pay a higher interest rate, but maybe you can arrange this to be a 1yr term, or something with low penalties to close and transfer to a regular lender once CS/SS is sorted out.

Any chance your ex's mortgage is conditional on her receiving full CS (and maybe also SS)? THAT would be amusing.

 

[NBDad]

Dude, if the difference in offset vs. full is going to break you...well...you know where I am going with this.

CS is one of the things that can ALWAYS be reopened....there are no guarantees...Either your credit rating merits the approval or it doesn't.

What about if you play with the mortgage terms? instead of a 10 o 15 year...go 25 or 30..it would drop the monthly payments accordingly. Can they not do that or are you already maxing it?

Not much that I can tell you, except push the bank for a solution. Your credit rating is obviously sufficient to allow a mortgage, and the approval should be based on the information they have in front of them not on "what ifs".

What IF your company goes under? What IF you get downsized? What IF you go nuts and take a sabbatical to find yourself.

Simply tell the bank guy if he's wanting to play psychic so badly on what MIGHT happen...to slip you the winning lotto numbers...until then, deal with the facts.

 

[staysingle]

Teddie,
Here is some very useful information based on your remarks.
1) NBDad is spot on! The banks has to base they're lending criteria on the here and now. Interim orders can last for years and years ending in a status quo ,de facto ruling. Take this issue up over everbodys head and demand the loan be granted based on the interim order. Failing this you will sue them for all your damages. Keep taking this upward till you get your results. You will win this.The lower mangers are breaking your b__ls. Don't put up with it!
2) Congratulations on the 50/50 interim order. You are in a privilege place with this. Trust me! You DO NOT wish to resolve anything but rather delay delay delay. > If you can get this interim order to the 1.5 to 2.0 year mark, the 50/50 will likely be the final order. DO NOT rush off to court over the mortgage situation

Good Luck

 

[Teddie]

Cool, thanks for the advice everyone. I am bypassing all the lower level schmucks at the bank and wrote a letter to the bank manager stating that I'll walk away if need be and get a slightly higher interest rate somewhere else. The last broker I spoke was ready to roll without even seeing the agreement; the rate was higher but I may have to do it.

Now that the marital home is sold and the new owners move in soon the ex has conveniently stopped paying the bills. She is making this extremely hard financially.

Oh well, the joint bills will soon be a thing of the past.

Thanks again everyone.

 

[Frustrated_DAD]

Something similar happened to me with my mortgage. My ex tried to have me removed from the mortgage - even went as far as having her boyfriend go in and impersonate me. The mortgage broker asked for id so they said "They forgot it at home" and they would come back later. I know this since I had the mortgage locked down right after we seperated after she changed contact info on it (all info was going to her). I then would call occassionally and ask for any updates to the file and came across notes of her actions.
I always tell anyone going through a divorce/seperation to lock down their mortgage so no changes can be made without written consent from both parties (the names on the mortgage).