Posted by: Carol Reynolds | 2015/02/04 02:28
If you are divorced, has the property been transferred to your ex as part of the divorce settlement? If so, then your ex will be responsible for the bond repayments. If your ex cannot afford to pay the bond, then you can purchase the property from your ex, but you will need to do so in the normal fashion. Your ex will then need to settle any debt owing to the bank. If your ex does not wish to sell the property back to you, then your ex will need to liaise directly with the bank if he/she is not meeting her bond repayments (this is an issue for your ex to resolve and is no longer your concern).
If you are still in the process of getting divorced, then you will need to discuss which spouse receives the house as part of the divorce settlement.
Thus, you have 2 options:
1. You receive the house as part of the divorce settlement and pay your ex his/her divorce settlement accordingly. You then own the house.
2. Your ex retains the house as part of the divorce settlement. You can then purchase your own house elsewhere without worrying about whether or not your ex fails to meet the bond repayments on your old house. Or, you can negotiate to buy your old house back from your ex at a market-related price.
Discuss your options with your divorce attorney and he will advise you accordingly on the best way forward. Thanks.
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