Deal Of The Week: A Tricky Split
A Tricky Split
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.
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