How to get ex-husband's name off mortgage if I can't get a mortgage?

T

TheBakersDozen

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Hey,

Weird complex issue. The remaining mortgage on my home is only 20/25% of the cost of the house

Ex husband is down on my mortgage and part of the divorce is that I need to remove him from it (by getting a "new mortgage"). As part of the divorce, the kids have a % "trust" in the house to ensure my ex-husbands investment in the house goes to the kids.

It seems the banks dont want to provide a mortgage if the kids have a % trust in the house, even though the value of their trust is less than 20% of the house.

I seem to be stuck between a rock and a hard place. I cant remove my ex husband from the mortgage as I cant get a new mortgage due to the trust. I cant remove the trust (as far as Im aware) as its in the divorce, but the divorce requires me to take my ex husband off, which i cant do due to the trust. Im literally stuck.


Anyone have any advice?


I was thinknig can I get a perosnal loan to clear the mortgage (its on a variable rate) but I dont think I can get a personal loan if I have a mortagage, but I cant change the mortgage due to the trust. Literally round in circles with no way out it seems. Literally lost as to what I can do.
 
Can you get a credit union loan to pay off the mortgage. Go in an have a chat with them, they might be willing to do it. They are a bit more flexible than banks.

Was this a court ordered divorce? And is there something on the title deeds that mentions the trust? Or did you just inform a bank that the children own a % of the house in a trust?
 
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Thanks for the reply.

Yes thinking of Credit Union. They refused last time. The remaining mortgage is less than €80k. I would be looking for a 20 year loan from them.

Nothing on the deeds mention the trust. The % of the trust is in the Divorce Decree (court ordered) which was needed to be submitted when applying for the mortage


@Brendan Burgess It was a negotiated settlement by the solicitors in court (wasnt judge ordered actually if thats what you mean?), but signed by a judge.

@Brendan Burgess Yes he wants his name removed as he cant get a mortgage either as long as he is down on my mortgage

@Dr Strangelove In terms of getting a completely new mortgage in my own name, yes that is what the first post details. I am trying to get a new mortgage in my own name but I cant due to the issues above.

Apologies I cant reply for two hours due to being a new member so I have udpated it here.
 
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TheBakersDozen said:
Ex husband is down on my mortgage and part of the divorce is that I need to remove him from it (by getting a "new mortgage").
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It’s the other way round. You have to get a completely new mortgage in your own name.

There is no such thing as “name on a mortgage”, simply a joint and several liability to repay the lender. It’s irrelevant that he no longer owns the house.

How old are the kids? What exactly is the nature of the trust - is it an actual ownership share by them? If they are adults you could potentially buy their share using a new mortgage. This way the house would be in your full name and you would have the mortgage in your sole name. This route involves more legal fees of course.
 
If I were in your shoes, I'd do nothing.

keep paying mortgage & ramp up the payments if you can, fire everything you have at it & once mtg is cleared, get house in your name.
 
It was a negotiated settlement by the solicitors in court (wasnt judge ordered actually if thats what you mean?), but signed by a judge.

Yes he wants his name removed as he cant get a mortgage either as long as he is down on my mortgage

In terms of getting a completely new mortgage in my own name, yes that is what the first post details. I am trying to get a new mortgage in my own name but I cant due to the issues above.
 
Did you ask your current lender if they will give you the mortgage?

They just might, but the trust does make their security less.

Brendan
 
TheBakersDozen said:
It was a negotiated settlement by the solicitors in court (wasnt judge ordered actually if thats what you mean?), but signed by a judge.

Yes he wants his name removed as he cant get a mortgage either as long as he is down on my mortgage

In terms of getting a completely new mortgage in my own name, yes that is what the first post details. I am trying to get a new mortgage in my own name but I cant due to the issues above.
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On the face of it this is a pretty stupid legal settlement that results in you and your ex not actually being able to do what was negotiated by the two solicitors and signed off by the judge.
 
Yeah its such a weird situation. Like its the right choice at the time, he frees up so he can get a mortgage, his interest in the property is given to the kids, i have the mortgage to myself. Cant do any of this as each part of it blocks the other.
 
So the ex-husband wanted to give his interest in the house to the kids? Even though you have probably willed the house, or at least your interest, to your kids. Have you a partner living with you? If so, I would ask them to try and come up with €80k. Only other thing I can think of is, would your ex-husband loan you €80k? That way the mortgage can be cleared, and he can move on with his life. Failing that, dig in for a long haul.

The negotiated settlement is an awful shame. If the ex-husband had just given you his interest, you would have been able to re-mortgage, and he would be off getting his mortgage. Now he can't.
 
TLO said:
So the ex-husband wanted to give his interest in the house to the kids? Even though you have probably willed the house, or at least your interest, to your kids. Have you a partner living with you? If so, I would ask them to try and come up with €80k. Only other thing I can think of is, would your ex-husband loan you €80k? That way the mortgage can be cleared, and he can move on with his life. Failing that, dig in for a long haul.

The negotiated settlement is an awful shame. If the ex-husband had just given you his interest, you would have been able to re-mortgage, and he would be off getting his mortgage. Now he can't.
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The reason he gave his interest to the kids is because he invested €200k into the house and both solicitors were arguing that he is entitled to X amount of the house (he didnt want that). He just wanted to make sure his kids had a right to reside in the house, which is why the % of the house was given to them.
 
There is generally a 'Liberty to Apply' clause in a Divorce Order.

If the Order on foot of the settlement is unworkable and both parties agree that, then they need to go back to the solicitors to find an alternative
wording/settlement to make it work for both.

mf
 
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