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Thank you for the question. It's an interesting one.
Whether you can get a mortgage solely in your own name, while your ex husband remains on the deed, is up to the lender. It's certainly possible, but I can see that a bank would be nervous about it or want to charge a higher interest rate in this situation. And that's a separate issue from whether you qualify financially on your own.
The bank will want to know if you're joint tenants or tenants in common. If you can borrow against "your own half" then maybe you'll get the mortgage or a line of credit in your name; that's if you're tenants-in-common. However, most married couples are joint tenants, meaning if you die then your spouse (or co-owner) is then the sole title holder and owns the whole thing. Then the bank has a mortgage on the property but no contract with anyone to pay the mortgage.
I can appreciate that your ex wants to be off the mortgage, but he has no right to insist on that in a vacuum. If he's on title to the home then he's still contractually responsible to pay costs associated with that home, including the mortgage, whether he's living there or not.
I hope that answers you, and adds to your deliberations on the topic. I'm here if you wish to discuss this further, or provide more information which would allow me to assist you better.
Yes, I can see that.
Firstly you need to see how much of a mortgage you'd qualify for on your own. If you're preapproved for enough to remortgage the home on your own, and maybe even at a higher amount to buy out your husband's share if you can agree on what that is, then you're good. Borrowing rates are excellent now, of course.
You might well need a family lawyer or mediator to help sort this out. Your husband has to be part of the solution rather than making demands on you to fix it all. Or maybe he doesn't want his equity out of the home?
Thank you for the question, and thank you for using JustAnswer. I'm here if there's more to discuss on this topic.
Then he should be doing more to help sort this out than simply demand that you take him off the mortgage, which by itself is likely impossible.
He feels like he's teflon now. But he has little defense to not providing ongoing disclosure if ordered to. You could teach him a lesson on that issue, maybe he'll take you seriously in the future.
You'd simply send him a copy of the order which tells him to provide it. If you're to provide yours to him, make sure you've done what you're ordered to before trying to throw the book at him.
Then send him a note that's businesslike saying that if you don't get what he's been ordered to provide within 30 days that you'll be investigating a motion for contempt and compelling him to comply.
Keep it civil and businesslike, if he is abusive to obnoxious to you in writing that will help.
IF he doesn't give you the disclosure, then give him another 15 days with the addition that his failure will lead to your bringing a motion for a finding of contempt with no further notice to him. If he misses that deadline, you bring the motion. You can do that yourself, but it has to be done precisely correctly or else it'll be thrown out so get your lawyer's office to help you with just the paperwork. As well, be aware that you'll need a Factum for this motion under the rules, so get them to throw that together for you. A basic factum for this should be easy to assemble, they probably already have a decent precedent.
Good luck and stay safe.
Like any good lawyer, I need to have the last word. If you're the last to write, then the thread stays on my Open list.
So...you're welcome, again!
Yes, the half value is the equity in the home, given it's value at the time of separation and the mortgages, liens, debts, and other encumbrances at the time. So the mortgage amount isn't what matters, it's the value of the home minus the amount of the mortgages, lines of credit, etc., which is the equity in the home.
Clearly, you need to go to the bank or to a mortgage broker to see how much mortgage debt you can be approved for and carry in your own name. Then you're doing well if that amount allows you to refinance and buy out your spouse's share of the equity.
Does that make sense? We can discuss it until you're clear if you wish.