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I am divorced and do not have the declared income required…

Quick question.... I am...

Quick question.... I am divorced and do not have the declared income required to remove my ex-wife's name from the mortgage She is not owed anything as I have paid her off. In addition, she has sent a signed document to the bank informing them that she is NOT resigning next month when the mortgage comes due for renewal.

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

I'm in quebec

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

Divorce was finalized three years ago I am able to pay my mortgage payments but will not qualify on my own for the mortgage I'm just curious what happens April 1 when it comes time for renewal if she has instructed the bank that she will not be resigning. I forgot to ask my banker that question earlier today he mentioned that it then becomes a one year open mortgage at an increased percentage rate. BUT......is her name removed from the mortgage??????

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

Yes, are there fees for this service

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Answered in 20 minutes by:
3/8/2018
Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 105,579
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 to hear of this difficult situation.

Are you saying she has already told the bank outright that she is no longer willing to sign a mortgage?

Is her name on title to the property?

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Customer reply replied 4 months ago
Thank you! Her name is ***** ***** title and the letter she sent, I believe, stated that she is NOT willing to renew the mortgage.

The bank will likely not allow you to refinance then.

But you are going to have a couple of problems. First, no bank will allow you to mortgage the property with her name on title unless she signs the mortgage.

Second you are saying you do not qualify for the mortgage on your own. That would be you will need someone to guarantee the mortgage.

So your task is really to first find someone to guarantee the mortgage and then ensure her name is ***** ***** the mortgage with the bank now comes due.

Does that help as a starting point?

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 4 months ago
what if I remove her name from the title at the notary? I do not have anyone able to co-sign. My banker did mention that starting april 1, it will be considered a one year open mortgage at a higher interest rate. My question is, will this remove her name from the open mortgage, or will it remain, even though she sent a letter insisting that she will not be renewing.

You won't be able to remove her name from the title without the bank's consent until the mortgage comes due. They have to lift the mortgage for you to be able to do that and they won't unless they are willing to give you a mortgage on your own.

So what is likely going to happen is when the mortgage comes due they will not renew it and you will have to find alternative financing.

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Customer reply replied 4 months ago
Something doesn't add up because the banker already informed me that me new mortgage payment will be $1600 instead of $1340, due to the higher interest rate from the one year open, however, he didn't mention if this removes her name from the mortgage.

I think you have to ask them outright what they are going to do. But, I have never heard of a bank keeping someone's name on the mortgage who says they are not renewing as it makes no sense as she would not be liable for the mortgage. I have also not heard of any bank that will allow you to have a mortgage on your own with someone else's name on title. It's unheard and for good reason. They want the full house and not have to be security for the loan.

Debra
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Customer reply replied 4 months ago
Ok. Thanks for your help.

You are very welcome. Could you please come back and let me know what the bank says? This post will not lock so you can easily just drop me a message.

Thanks and best of luck.

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