All Topics / Creative Investing / Wrapping Divorcees….

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  • Profile photo of lozza123lozza123
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    @lozza123
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    May 12, 2004 - 2:46 am

    Hi one and all,

    Does anyone know about wrapping to divorced people? How do they go with refinancing in a year or so’s time? Are there any bank restrictions?

    Thanks

    Lozza

    Profile photo of pelicanpelican
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    May 12, 2004 - 9:33 am

    Hi Lozza,

    Should be fine…. Banks refinancing do not check as much… as long as there is a record of on-time payments made to you then the bank will accept that….

    Does this mean, you are close to selling your wrap house ???

    Cheers

    Scott

    Pelican Investments
    http://www.pelican-invest.com

    Profile photo of kay henrykay henry
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    May 12, 2004 - 9:43 am

    Iozza,

    Almost 50% of first marriages don’t work out in Australia, and greater than that for 2nd marriages. Banks don’t care about people’s marital status (in fact, if you write “single” on your bank application, you’re considered less of a risk. If the person who is buying your place has child support obligations, then that will reflect on how much a person can afford to loan or repay, but “divorce” in itself will have no impact.

    kay henry

    Profile photo of lozza123lozza123
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    @lozza123
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    May 13, 2004 - 12:38 am

    Thanks guys… I just thought for some reason that there was some “issue” about divorcees and loans… maybe that was in the good old days!!

    Scott — I wish. But we do have one guy coming out on Sunday morning, he is a self-employed gardener and a divorcee, with a pretty good income and a big deposit. Here’s hoping. But he hasn’t actually seen the house yet. It seems that when people drive past first, they never call back for some reason.

    I must admit, I’m getting desperate. I need to set a deadline on this, because the interest is over $1100 a month.

    Lozza [smiling] — Still smiling (only just!)

    Profile photo of MonopolyMonopoly
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    @monopoly
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    May 13, 2004 - 1:36 am
    Originally posted by lozza123:

    Does anyone know about wrapping to divorced people? How do they go with refinancing in a year or so’s time? Are there any bank restrictions?

    Hi Lozza,

    Guess the only time marital status may be of interest to the banker is if he/she was hoping to ask the applicant out on a date! [inlove][inlove]

    Just kidding!!!

    I asked a Bank Manager friend the same question once, and he replied “It shouldn’t present any problem, we (the bank) are concerned with people’s ability to service the loan, not each other!!!” [blush2][blush2][blush2]

    Jo

    Profile photo of lozza123lozza123
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    @lozza123
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    May 13, 2004 - 2:24 am

    Ahem….. OK then!![blush2]

Viewing 6 posts - 1 through 6 (of 6 total)

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