Transfer of Co-op shares after Divorce?

just_curious said:

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?

Click to expand...

just_curious said:

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

Click to expand...

just_curious said:

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.

Click to expand...