Gizmo, Home Buyer in 91316

forclosue in your name can you buy in your husbands name if the forclosue was in wife name

Asked by Gizmo, 91316 Tue Jul 14, 2009

My friend wants to walk away from her mortage because she is upside down and is married and this home is only in her name because her husband had bad credit and now has good credit will she be able to buy a home in just her husbands name, will he be able to by a home just under his name if they are married if they forclose on the home they own

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Even though the wife bought this just in her name & it is only her name on the loan, the husband will still have to sign off on the Short Sale because it's now considered community property. That alone does NOT affect his credit.

The thing I would be concerned with is that they are married & they are probably on Joint checking / savings accounts & even when credit reports are pulled, because of the marriage, reporting is "mixed".

My suggestion to do right now: Prior to even listing the home for the inevitable short sale, talk to a lender, an experienced lender & have them do a pre-qualification / pre-approval NOW, just for the husband, be HONEST with them & let them know about the wife being on this soon to be "shorted" loan & see what they say.
Better to know this sooner than later.

If you would like a referral to a good lender who is a direct funder & has been in the business for 30yrs, just let me know.

emilyknell1@yahoo.com
0 votes Thank Flag Link Wed Jul 15, 2009
Your friend and her husband should meet with an Attorney, and a Mortgage Loan Officer, and possibly a CPA.


As for "Walking Away":

Even though millions of people are "walking away" from their upside-down houses,
and even though it seems that Society is encouraging it,
and that is the prudent thing to do, etc. -

Your friend is most likely going to be liable for the Deficiency (the money the bank loses).
They may come after her for a Judgment; they will certainly wreck her credit.



Talk to the Professionals listed above.


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Best wishes to you and to your friend.
Fred
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0 votes Thank Flag Link Tue Jul 14, 2009
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