Hey ladies
My husband and I seperated in Oct 2019, we own a house together and have 4 kids.
Before we seperated we had to do a section 9 bankruptcy. Long story.
We could keep the house as it's a secured debt. I have paid the house, rates and water (which was all very behind but i caught them up) on my own since May 2019 as he quit his job and had no income.
He wanted to sell the house, but due to the section 9 we would of received nothing so I convinced him to wait until thats over, another 2 years.
In the mean time I would like to get into a position to own it on my own, only in my name.
From your knowledge, can I pay him X amount and he be taken off the house whilst still under section 9? Or is it a whole 're application to the bank process? Obviously i would be declined for that due to my credit rating at the moment.
We have no other debts.
Can he just volunteer to be taken off it?
We will divorce this October.
We are in NSW if that affects anything.
Thank you in advance
House ownership question
House ownership question
Posted in:
Relationships & Marriage, Money
2 Replies
This is definitely one you need legal advice on.
I'm a mortgage broker, you will need to do a full loan application to refinance the property into your name only, as you said whilst you are under a part 9 that will be difficult to say the least. Keep paying until your part 9 is finished and off your file then look to do it.