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Deal Of The Week: A Tricky Split

 

A Tricky Split

divorce

The Story:

Husband & Wife recently divorced. They have combined unsecured debts over $100k with R4 status. Husband had credit score of 510 and is a seasonal worker. Wife is Self Employed with 490 credit score.

Clients have 2 properties:

Property #1: Triplex – Oshawa, ON $265,495.00 – RENTAL

1st Mortgage Balance: $163,465.00

Property #2 – Single Family Residence – Ajax, ON $325,556.00
OWNER OCCUPIED

1st Mortgage Balance: $260,444.80

They agreed that the husband would move into the Oshawa triplex and the wife would keep the Ajax property.

The Deal:

Refinanced Triplex for Husband

New 1st mortgage: $199,121.25.
Filed for unregistered consumer proposal, new funds borrowed paid out his share of debts. Wife taken off title.

Refinanced Single Family home for Wife

New 1st mortgage: $290,000.35
Husband taken off title and wife used new funds to pay out her share of debts.

Have a complicated deal? Matrix Mortgage Global specializes in alternative lending solutions to get you back on track. Call 1.800.429.0717 for 24/7 service.

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