I'm not understanding this. Are you saying the deal with your stbx was to sell the apartment and then use the proceeds to pay off the home loan, which is for said apartment?

And the bank is saying the loan has to be paid off before the aprtment can be sold?

I know...everyday its another issue......I feel ya!! You just gotta pull thru.....The rollercoaster of bullshit is unreal!!!

You'll pull thru keep trying.....really sit down and figure which way YOU will benefit NOT him!

By the way aditi, if the scenario is what I outlined above, I don't see the problem the bank is having. At the closing, the buyer writes a check to you, and you write a check to the bank.

No one has to pre-pay a mortgage before being 'allowed' to sell a property. As long as you can cover the balance due on the loan at the time of sale, the bank has no choice or say in the matter.

Justasimpleguy : this is kind of a longish story: stbx and i have an apartment taken on loan. Now, I , like a fool, ran off (just to 'get away' from this pain) to sydney to do a course on an education loan. Its just too much for me to repay the education loan as a single woman/mother. So, i pressed the stbx for alimony. He offered that i take the apartment, for which the home- loan still has to be repaid. He'd told me to sell the apartment and to repay my education loan with the proceeds. Yep, if I want the home loan to be written off, I need to pay a lumpsom amount of remaining home loan amt to the bank, only then will the bank allow me to sell the apartment. Then, the money from the sale of the apartment I can use to repay my education loan. [ I thought i could just sell the apartment, then, pay off the home loan and with the remaining, the education loan: guess stbx thought the same too ]Once the education loan if off my head, i can work , live comfortably without needing anything from the stbx.

With this, i had decided i wouldnt need to go for a court dispute cos with the court stuff, it would take a long time and might end with me getting hardly much anyways..waste of time & energy.

So, this post: whining & fuming about how things seemed easy and i could be free but nope, its still far from over.
[sorry, told u, its "longish "!....ok, i lied--its long (added the 'ish' , so as not to scare u off !)]

well, it seems the bank rules here are different .... blood-sucking profiteering stuff.

So the property has a lien against it? Hmmmm Who is the signer on the lien? You, him or both?

Misred: i seem to be so uninformed in all this-- the answer to this your Q is 'i dont know' : the apartment is on both our names , so i guess, the lein must be too.
Completely messed up !!

Sometimes it just seems to never end. Take one problem at a time as it comes. You do not need to make major decisions instantly. Sometimes giving yourself some space brings some clarity.

So sorry this is so frustratingly difficult.

aditi where are you? You went to Sydney? Australia? I'm in finance and what you're saying doesn't make sense if you have an australian mortgage over a property. Are you in default/arrears?

" Yep, if I want the home loan to be written off, I need to pay a lumpsom amount of remaining home loan amt to the bank, only then will the bank allow me to sell the apartment. Then, the money from the sale of the apartment I can use to repay my education loan. [ I thought i could just sell the apartment, then, pay off the home loan and with the remaining, the education loan: "

aditi,

If you can sell the apartment and with the proceeds pay off both the home loan and student loan, then the bank can't stop you from doing so. Well, at least not here in the U.S., but I think that has to be the same just about anywhere.

At closing the buyer cuts you a check for the sale price. You pay the bank the balance due on the home loan from that amount and with whatever remains pay the student loan.

I believe this has to be standard operating procedure the world over.

justasimpleguy ...we are in the process of questioning this by writing a letter to the bank's chairperson.
Copingjust...I was in Sydney, Aus for a one year course...now i am back to my country, India.
Karen, as you've said, will take one thing at a time.
Today is my first day in a new job: old employers, so they know my calibre and so,managed to negotiate a pay which allows me to pay the monthly instalments for the student loan and leave a little over. It will have to do for now, atleast its a start. (still sleepy though...gotten used to waking up late ...grieving over this loss is a 'luxury' i cant afford...reality means work and move forward--which is tougher than sitting pondering & sighing about the past!)

I don't have any advice for this situation, but hang in there! I am happy you got a job. Be strong! We are here for you.