Transfer of Co-op shares after Divorce?

[just_curious]

I own a co-op in westchester county, new york state (city of Yonkers). I bought the co-op with my now ex-wife. Per the agreement in our divorce, I kept the co-op after paying out her fair share. I then moved out of it, and rented it to friends.

Here's the problem. My ex-wife still owns half because the mortgage is still in both of our names.

I tried transferring the mortgage to myself by applying for a "Qualified Assumption" with the originating bank (Chase Bank) and was turned down. Since I don't live there, they consider it an investment property, and they don't refinance co-ops that are investment properties. According to them, there's no other reason I was turned down. Credit score is excellent. Saving is sufficient. We're talking about a $100,000 mortgage balance, not a lot in the NYC area.

If I moved back in, it would switch to my primary residence and be eligible for the transfer.

Here's the question.

Does the fact that we divorced (and now remarried) provide any legal leverage for compelling Chase to grant me a "qualified assumption" of the mortgage despite their policy?

[Silverplum]

Originally Posted by just_curious

I own a co-op in westchester county, new york state (city of Yonkers). I bought the co-op with my now ex-wife. Per the agreement in our divorce, I kept the co-op after paying out her fair share. I then moved out of it, and rented it to friends.

Here's the problem. My ex-wife still owns half because the mortgage is still in both of our names.

I tried transferring the mortgage to myself by applying for a "Qualified Assumption" with the originating bank (Chase Bank) and was turned down. Since I don't live there, they consider it an investment property, and they don't refinance co-ops that are investment properties. According to them, there's no other reason I was turned down. Credit score is excellent. Saving is sufficient. We're talking about a $100,000 mortgage balance, not a lot in the NYC area.

If I moved back in, it would switch to my primary residence and be eligible for the transfer.

Here's the question.

Does the fact that we divorced (and now remarried) provide any legal leverage for compelling Chase to grant me a "qualified assumption" of the mortgage despite their policy?

No.

The bank is not bound by your divorce decree, or your property settlement.

[You Are Guilty]

Originally Posted by just_curious

Here's the problem. My ex-wife still owns half because the mortgage is still in both of our names.

Here's the bigger problem. Whose name the mortgage is in is irrelevant as to who currently owns the property. Whose name are the shares listed in? (Hopefully, you had them transferred into your name alone as part of the divorce settlement).

[HomeGuru]

Yes, we need to know more.

[just_curious]

No shares were transferred. We did the divorce ourselves, so I did not realize that was a possibility, and assumed the mortgage is where the action is.

[HomeGuru]

Originally Posted by just_curious

No shares were transferred. We did the divorce ourselves, so I did not realize that was a possibility, and assumed the mortgage is where the action is.

**A: ok, several wrong things done.