Separations Happen!
Writing this particular blog is ironic as I have my wedding
in 18 days! But it is important
for people to know about their options when it comes to separation and divorce.
Going through a separation or divorce can be one of the most
difficult periods in anyone’s life.
In addition to the heartbreaking end of a marriage, there
are often difficult decisions that need to be made. Where do the kids live? How do you divide up the assets?
If you also own a matrimonial home you will certainly have
other questions.
Who gets the house?
Can I possibly remain in my home?
Is there
enough equity built up so that we can refinance to consolidate or pay out
matrimonial debts and / or facilitate a buy out of my spouse?
The new mortgage rules effective July 2012 restrict the
refinancing of one’s home to a maximum of 80% of the home’s value.
HOWEVER…there
is a way to finance up to 95% of your homes value!
CMHC and Genworth Financial Canada, both suppliers of
mortgage default insurance in Canada, will now consider applications for one
spouse to buy the matrimonial home from the other spouse with financing
available up to 95% of the home’s value.
Mortgage Wise can help.
Here is what we will need;
- A Private purchase and sale agreement signed by both parties
- A finalized divorce / separation agreement
- A statutory declaration signed by the spouse who is relinquishing interest in the property
- Lender may request additional support documentation depending on your individual situation and an appraisal may be required.
You have the questions. We have the answers!
Thanks for visiting!
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