Home Buying in 06118>Question Details

Tenacious1, Home Buyer in 06118

I am buy a home in my name only, my husband owns a home with his ex, it has negative equity, should he be put on the deed of this new home with me?

Asked by Tenacious1, 06118 Sat Aug 6, 2011

FHA loan processing, ex wife has been making late payments and is $30,000 in the rear of mortgage, she was awarded the house during the divorce and ordered to refinance or sale by 2008, we took her to court, she has made several attempts to refinance but her credit is too bad, we want to force her to do a short sale. I want to know SHOULD I PUT MY HUSBAND'S NAME ON THE DEED OF THE HOUSE I AM PURCHASING IN MY NAME ONLY, WITH HIM IN THIS SITUATION?

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9
no NO NO mens are the worlds bigs !!!! you know, so do your self a favor, stick to your self , and tell him take a hike,ive been with my old man for 40 yrs. and and it just hit me. don't belive any one,
0 votes Thank Flag Link Tue Nov 5, 2013
What a Great question to ask!!! I commend you for that.
I advise you to call your attorney. If you already have an attorney in line that will be closing you on you new purchase. Call the attorney and ask for advise. The attorney will help guide you through making a the best decision, for you.

It is best to take care and answer the questions that are making you uneasy for the get go.
Best of Luck and Enjoy Your New Home!
0 votes Thank Flag Link Tue Jul 2, 2013
No. Contact an attorney for legal questions. They can better guide you.
0 votes Thank Flag Link Tue Jul 2, 2013
I advise you to reach out to an attorney that works with real estate transactions.
If you need a refferal, let me know. I have a list available.


Mary Beth Nunez
Keller William RealtyWest Hartford, Connectciut 06107
29 South Main Street
mbnunez@kw.com
Direct: 860-251-9681
0 votes Thank Flag Link Sun Aug 7, 2011
An attorney is always the best person to ask these legal questions. I would suggest that once this other home with his ex is sold or refinanced so the ex is no longer an issue....then quick claim the deed with his name. Another possibility.....are you in a position to buy her out of what is owed? Charge her rent to live there and in a couple of years when the market goes back up...you can sell it back to her or sell it as an investment. if she can't keep up with the rent. It may be better than having it affect your husbands credit rating which is obviously being "hurt" now.
0 votes Thank Flag Link Sun Aug 7, 2011
NO. You would be a fool to put his name on the deed of your house in this situation. If he is faced with owing money - your home will become an attachable asset for his debt if he is on your deed.
It may anyway depending on state laws just because you are married, but you need to speak to an attorney who knows the laws in your state for that specific advice.
Web Reference: http://www.homesbyminna.com
0 votes Thank Flag Link Sat Aug 6, 2011
If you try to force his ex to short sale her home, don't forget that your husband is still on that note, and his finances and assets will be taken into account during the proocess. If he has any liquid assets, the lender may want him to cover some of the shortage. If there is a deficiency judgement against her, it will be agianst him as well, unless this was covered in the divorce agreement. He should contact his divorce attorney to ask about thiese issues, and whether or not they were addressed in the divorce decree.
0 votes Thank Flag Link Sat Aug 6, 2011
All other legal considerations aside, most likely it is not even an option for you to put his name on the deed. A lender will require that everyone on the deed be on the note. If his situation is as bad as it sounds, that would mean you would not qualify for the loan. Your loan officer would need to address this question. If he/she says you two could still qualify, then seek the advice of your attorney as to the possible consequences of his situation affecting this house.
Dan Ross
Web Reference: http://www.danrossre.com
0 votes Thank Flag Link Sat Aug 6, 2011
That is a question for your attorney, if the other house goes sour through foreclsoure or shorty sale, and he owns this house by having his name in the deed, they could look to attach this house for the loss. An attorney usually has a no cost first meeting and could be used to assess what is best for you in your situation
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sat Aug 6, 2011
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