Brendan Burgess
Founder
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- 53,847
The problem is unavoidable .
I know someone paying 100% of a mortgage held with an estranged, uncooperative spouse. In 2022 the spouse wouldn’t sign a form to lock in a lower mortgage rate and payments are higher now as a result.
It’s just an inherent fact about joint mortgages that both parties need to agree.
This issue comes up a lot and is not solvable under the current legislation. What legislative changes could be made to mitigate the problem?
For example, put the onus on the joint owner to proactively object to what is proposed.
I apply to reschedule our mortgage with the bank.
I notify the bank that the joint owner is not engaging.
The bank notifies the other party that they will reach an agreement with me unless they hear to the contrary from them.
They don't hear back.
I reach an agreement.
They are notified of it and given 20 days to object.
A difficult joint owner will still object.
But it would solve the problem of a joint owner who has disappeared or who just won't engage
An alternative approach would be for me to apply to the bank to be the lead contact on the mortgage.
The bank notifies the joint owner who either objects, agrees, or agrees by default if they don't respond.
Clearly I would not be allowed to increase the mortgage.
Another approach would be to allow me to apply to the courts to become the lead contact.