If she doesn't work and can't fund a mortgage, then whose is the mortgage?Let's just say hypothetically that I was separating from my wife and was prepared to transfer the family home into her sole name under a separation agreement. Let's also assume she does not work and cannot fund a mortgage. What, hypothetically would be the position of the mortgage company in switching the asset to a single name on foot of the court order ?
Would they insist on a new mortgage product ? For example if the existing mortgage was a very good tracker rate and they only offered variable rates that were higher could they insist on the new mortgage ( with attached legal costs )
Would the court simply order the transfer of the asset and ask the mortgage company to take a guarantee on the existing mortgage ?
In effect can the judge tell the mortgage company what to do ?
"how does the property adjustment order reflect this situation ? "
It does'nt. If the property is mortgage free, the Court can make an order. If the property is not mortgage free, the Court cannot make an order disenfranchising the mortgagee.
mf
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