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My husband and I are guarantor for a Loan of our daughter…

Customer Question
My husband and I...

My husband and I are guarantor for a Loan of our daughter and her Ex Husband (divorced 10 years). We are reaching retirement and would like to sell the Investment Property which is being held as equity for their loan. We have been told by the bank that their would have to be paid out before we sell. We are prepared to go guarantor for our daughter but the Ex husband is being un cooperative. We have approached the bank who will give our daughter a loan (with guarantor) all we want is for the Ex to take over the remaining balance once hers has been paid for.This joint has been in place for approx. 10 - 11 years.

Lawyer's Assistant: Because family law varies from place to place, can you tell me what state this is in?

NSW

Lawyer's Assistant: Has anything been filed or reported?

We have sent the Ex partner 2 legal letters with no response at this stage.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

We have been advised to pay out the loan then sue the Ex husband. We do not like this scenario.

Submitted: 7 months ago.Category: Australia Law
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Answered in 5 minutes by:
12/1/2017
Solicitor: John Melis, Lawyer replied 7 months ago
John Melis
John Melis, Lawyer
Category: Australia Law
Satisfied Customers: 3,326
Experience: Principal Lawyer at Legal AU Pty Ltd
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Dear customer, my name is***** solicitor in Melbourne, thank you for using Just Answer, I will assist with your question today.

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Solicitor: John Melis, Lawyer replied 7 months ago

is the EX named on title as tenant in common or joint tenants ?

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Customer reply replied 7 months ago
the loan is in both names and our Investment Loan is guarantor for their loan Melissa and Brendan Bemrose
Solicitor: John Melis, Lawyer replied 7 months ago

this is actually a tricky situation to remove the Ex and release yourselves from the guarantor.

did you have any form of agreement between yourself and your daughter +Ex in writing ?

there are options to consider in dealing with this process.

under the loan how much money has been guaranteed by you.

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Customer reply replied 7 months ago
The current loan is $97000.00 and we have loan contract with our property as guarantor *****St Clair nsw guarantor for this amount of money in their name.
Solicitor: John Melis, Lawyer replied 7 months ago

ok.

the guarantor loan is with the lender, or is it directly with your daughter / Ex.

I have extended a special offer to talk on the telephone if you prefer as this will make it more easier for you to discuss the issues involved ?

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Customer reply replied 7 months ago
with the lender
Solicitor: John Melis, Lawyer replied 7 months ago

ok.

as there are various issues involved, I have extended a special offer to talk on the telephone if you prefer ?

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Customer reply replied 7 months ago
I will let my husband know and he will be the one to call you.
Solicitor: John Melis, Lawyer replied 7 months ago

ok, I will be very pleased to talk with him and will help you in this important matter.

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