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My husband and I have a mortgage together. We are on the

verge of separating. I proposed...
My husband and I have a mortgage together. We are on the verge of separating. I proposed to sell the house and get my share of the equity to give to my son for him to put as down payment for a house where we both can live. However, my husband do not want to sell. He proposed to refinance the house to be able to get a loan equal to what my share would be to be added to the mortgage. But he will have my name removed from the mortgage so I won’t have any obligation towards the mortgage and he’ll be the sole owner of the house. It’s like him buying me out. Is this possible? What are the legal implications to this as far as my liability is concerned. Our separation is only being separated as far as principal residence is concerned for the moment because we are still hoping for possible reconciliation in the future. Technically, I will still be his wife. But I don’t want to be liable to any of his debts if something happens to him before we get back together.
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Oh, I am in Hamilton Ontario and my name is*****: Has anything been filed or reported?
Customer: Nothing yet. I left home and my husband is in the house with my son but we plan to get a house under my son’s name. The reason why we need the money for down payment. My husband said he talk to the bank and he was told he could refinance it. But nothing had been done yet. In fact, it was only last night that we had this discussion.
JA: Anything else you want the lawyer to know before I connect you?
Customer: My husband also has rental property that he got with a partner and my name wasn’t on it. I want to know legal obligation to that property in case of default to mortgage.
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Answered in 1 minute by:
10/21/2017
Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 101,788
Experience: Lawyer
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Hello! My name is Debra (formerly known as Legal Ease). Thank you for your question. I'm reviewing it now, and will post back again shortly.

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I am sorry for this difficult situation.

If your name is ***** ***** the title of the house and the mortgage (you need the consent of the bank) then you are not going to be on hook for this debt.

You are ever only liable for debts in your name or those you guarantee as between you and third parties.

Does that answer your question?

Please feel free to post back with any follow-up questions you may have. If you don't have any then I hope I have earned a 5 star rating but if you don't feel that I have please don't hesitate to reply back and let me know what more I can do to assist you. Finally, please know that even after you rate me I will be here for you and you can ask follow-up questions if you think of them later on at no further charge of course.

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Customer reply replied 28 days ago
Thanks. So, regardless of whether I’m still legally his wife, I won’t have any legal obligation or tax obligations of his rental property since my name isn’t on it? He used our joint line of credit for the down payment of the rental property but my name is ***** ***** it.

It is so odd I just got a message about this follow-up question here!

Please be sure to rate me positively so I can be paid for this question too.

Thanks!

Debra
Debra, Lawyer
Category: Canada Law
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