NSW Title deeds and mortgage

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Michelle Elisabeth

Well-Known Member
26 August 2017
16
0
71
I am in a position where I will be needing to do up new title deeds , as my ex husband has passed away. We are joint tenants on the deeds and mortgage.
I'm wondering when this happens , will the bank be re assessing the mortgage too or will it not be affected ?
 

Arche

Well-Known Member
20 March 2015
114
11
419
Hi Michelle
The process is not "doing up new title deeds". You need to transfer ownership through Land and Property Information (www.lpi.nsw.gov.au). I don't think you will be able to do this if there is an outstanding registered mortgage in joint names. Presumably the bank holding the mortgage also holds the title deeds.

You need to approach the bank to sort this out. Are you able to pay the mortgage? Who has been paying it until now?
 

Michelle Elisabeth

Well-Known Member
26 August 2017
16
0
71
Hi Michelle
The process is not "doing up new title deeds". You need to transfer ownership through Land and Property Information (www.lpi.nsw.gov.au). I don't think you will be able to do this if there is an outstanding registered mortgage in joint names. Presumably the bank holding the mortgage also holds the title deeds.

You need to approach the bank to sort this out. Are you able to pay the mortgage? Who has been paying it until now?
The bank was told of when he ran out 7 yrs ago , they would also I assume know that I am the only one paying this since. We have four kids which I'm also raising on my own since. I work part time but as two of the kids are young I haven't gone full time.
I can keep paying what I pay but will I qualify for a mortgage if it's all redone .. no.
I can't lose my house too , will I at least get a chance to sell it or will the banks foreclose on me. I'm so stressed.
 

Arche

Well-Known Member
20 March 2015
114
11
419
Sorry this is causing you stress.

Do you have the mortgage documents? These may set out your obligations to inform the bank if one person dies. Your main issue it seems is whether you have to transfer the property into your name and hence whether you need to refinance. This is a matter for the bank.

The rest is practical not legal advice, and subject to your obligations to inform the bank.

I can't tell you what the bank will do, only the bank can. If you are worried, you could ring the bank anonymously, explain the circumstances and take it from there.

Here's what I did when my partner died. I just kept paying the mortgage until I wanted to sell the house many years later, by which time the mortgage had been paid out. It actually didn't occur to me to change anything into my name alone until I needed to, and the bank didn't worry about it.

If you have been paying for 7 years and continue to do so, unless there are arrears I am not sure that there is any reason for the bank to foreclose.

The reality is if you keep paying the mortgage, you all have a home, the bank gets their money, and the bank still has the security of the registered mortgage.

Bottom line - talk to the bank.