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Canadian Real Estate Law Does the following U.S. law have a…

Canadian Real Estate LawDoes the...
Canadian Real Estate LawDoes the following U.S. law have a similar one in Canada?Quoted text:
"Suppose you and your spouse get a divorce and title to your home is transferred to you (or your ex-spouse) alone. You feel confident you can afford the monthly mortgage payments. But can the mortgage lender call the loan?
However, the Garn-St. Germain Law specifies title transfer situations when mortgage lenders cannot enforce due-on-sale clauses. If a lender tries to enforce a due-on-sale clause, check with a local real estate attorney to see if you're being misled. There are at least six title transfer situations when mortgage lenders cannot call their loans:
#5. When title is transferred to either a spouse or child of a divorced co-owner. When a co-owner is divorced, if the title to the residence is transferred to either an ex-spouse or offspring of the divorced owner who will live in the home, the Garn-St. Germain Law bars the lender from enforcing the due-on-sale clause."I am separating and the house is in joint tenancy. I live in BC. I'm a stay at home Mom with no income at this time but wish to stay in the home for my daughter's sake. I will be able to make all the payments but won't qualify for the mortgage renewal which is due in 2 months. My ex won't sign the mortgage renewal. I have read and heard from others that the bank will do an auto renewal without signature and that if the monthly payments are made they can't foreclose. I will have family funds from grandparents to pay out my ex's equity and continue the mortgage payments for years. I want to be certain that the bank won't or can't call a mortgage that is not in arrears, inspite of me not having verified income to qualify.
My family which are helping, has funds but don't qualify as co-signers since they are retired with no income.
It seems there is a U.S. law for this situation and I want to know how the Canadian banks are regulated.Thank you
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Customer reply replied 3 months ago
The bank is Scotiabank Canada if that is a factor.
Answered in 2 hours by:
2/19/2018
Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 105,016
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I am sorry to hear of this difficult situation.Will your former spouse’s name remain on title?
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Customer reply replied 3 months ago
No

Your spouse will not be able to remove his name from the title unless the mortgage is lifted.

That means there is no way for you to keep his name on the mortgage. The bank will not even allow his name off title if you do not qualify for the mortgage.

But if he is going to pay you spousal support once you have a separation agreement in place or a court order that spousal support will count as income for the bank to consider.

I wish I had a more optimistic answer for you.

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 3 months ago
in Canada there isn’t a version of the US Garn-St. Germain law that doesn’t allow the bank to call in a mortgage in certain title transfer situations.Can a bank foreclose if a mortgage is not in arrears? ( not title change but loss of job for example)

No there is not.

They will not foreclose and cannot foreclose unless you go into default.

Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 105,016
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Debra and 87 other Canada Law Specialists are ready to help you
Ask your own question now
Customer reply replied 3 months ago
Thank you

You are very welcome.

Take good care.

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