- Jurisdiction
- Ontario
Hi,
I and my wife have separated (not yet divorced). She moved out and I continued living in the house. The house was purchased on a joint mortgage and we are in the first year of term. I would request forum members help me with the following questions:
1. Do I have to inform the bank right away about the change in my status (separated) or should I wait until the end of the term? If yes, then how is it going to impact the mortgage and the house ownership.
2. Do I have to inform my property law firm (which closed the deal) about my status ?
3. I understand that at the end of the term (another 3 years from now), I have to renew the mortgage. Now being the single entity who will own the mortgage, what if I am not eligible for the balance mortgage - Will the lose the house in that case ?
4. I understand that we will have to stay separated for a year before we file for a divorce. When should I involve a lawyer to start the process - Should it be right now or when I am close to end of the separation year ?
Note: There is no way we are going to reconsider our decision and we both want to get the divorced.
I and my wife have separated (not yet divorced). She moved out and I continued living in the house. The house was purchased on a joint mortgage and we are in the first year of term. I would request forum members help me with the following questions:
1. Do I have to inform the bank right away about the change in my status (separated) or should I wait until the end of the term? If yes, then how is it going to impact the mortgage and the house ownership.
2. Do I have to inform my property law firm (which closed the deal) about my status ?
3. I understand that at the end of the term (another 3 years from now), I have to renew the mortgage. Now being the single entity who will own the mortgage, what if I am not eligible for the balance mortgage - Will the lose the house in that case ?
4. I understand that we will have to stay separated for a year before we file for a divorce. When should I involve a lawyer to start the process - Should it be right now or when I am close to end of the separation year ?
Note: There is no way we are going to reconsider our decision and we both want to get the divorced.
