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Joint mortgage

  • simberry
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17 Jul 12 #343886 by simberry
Topic started by simberry
Hi,

I am a little confused about what could happen with the FMH. The property has a mortgage on it in both of our names, which had and still is likely to have very little equity. My stbx has not specifically asked for mortgage payments, but since receiving a Petition this week with all boxes ticked in part 10, section 3 I was wondering what i should do next.

Ideally, I would like my name taking off the mortgage ASAP, so that I can take out a mortgage of my own at some point in the future. The only thing that has stopped this happening so far is that my stbx would not be able to remortgage on her own.

Your help would be much appreciated.

Simberry.

  • QPRanger
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18 Jul 12 #343935 by QPRanger
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I am in a very similar situation: my stbx is still in the house but there is no way the mortgage company will take her on her own.
I am therefore pushing for the house to be sold cos as it stands I am unable to get a mortgage myself with the situation as it is...

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18 Jul 12 #343951 by cookie2
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simberry wrote:

all boxes ticked in part 10, section 3

Ignore that, it''s standard practice. It doesn''t really mean anything.

my stbx would not be able to remortgage on her own.

This is not uncommon. What will happen will very much depend on the figures and circumstances. Lets say for example there are 3 kids and your wife does not work, chances are that your wife will get the house, you will have to stay on the mortgage, and it''s just tough luck. But if you''re both young and employed and have no kids, then a sale of the house and a Clean Break would be more appropriate.

Plus the first question would be can you come to an agreement with your wife? If she wants to sell and you want to sell, then problem solved.

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18 Jul 12 #343953 by QPRanger
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cookie2 wrote:

Lets say for example there are 3 kids and your wife does not work, chances are that your wife will get the house, you will have to stay on the mortgage, and it''s just tough luck.


And sometimes the judge rules this even if you have no kids together, stbx''s offspring are 18 & over, and stbx has convinced judge she will be earning decent money......

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