I have a few questions.
A married couple jointly own 2 residences (primary and secondary) both with mortgages in both spouses names. The separation agreement gives one property to husband and one to wife with the requirement that each spouse refinance their respective property within 180 days. Are banks REQUIRED to refinance the mortgages in the name of the spouse named as owner of such property in the agreement or can they deny the refi if the spouse is not qualified under the bank’s lending policies?
A separation agreement calls for wife to live in the marital residence. For a period of time detailed in the agreement, the property deed and mortgage remain in joint names. For this same period of time, husband will pay the mortgage on the property. Is the mortgage payment considered taxable alimony? Can the agreement stipulate that wife gets to take the mortgage interest deduction even though it is being paid by husband?