Home Buying in Foley>Question Details

Jinave, Home Buyer in Foley, AL

if seperatedfrom husband can i qualify for a homw loan i'm on this deed but not on loan

Asked by Jinave, Foley, AL Sun Jun 7, 2009

my husband and i have seperated i would like to buy a home do i qualify for a loan by myself since divorce is not final i'm on this deed but not the loan

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Jinave,

From your post, you clarify that you are only separated and not divorced. This means that although you can sign a quit claim deed (relinquishing your interests in the home to your husband) and take that home off your credit, when you buy a new home your estranged husband will have to sign to buy the new home because he is still legally your spouse. I sense that you would not want him to have any kind of ownership in the home you choose to buy so my best advice is to wait until the divorce decree is final before buying a new home.

Hope this helps! Please consult an attorney before relying on this information! :)
Web Reference: http://www.BekahSells.com
0 votes Thank Flag Link Mon Jun 8, 2009
Dear Jinave,

Sorry about your divorice. You can sign over your interest in the property to your soon to be ex-husband. Since you are not on the loan your credit isn't effected with this property. You have two items there is the deed on the property and the loan. If you are comfortable you can deed the property over to your ex and then you are done. You can hire an attorney if you like. You can use a local title company. In Alabama typically you close escrow through title companies or real estate attorney offices. Perhaps you can speak to your divorice lawyer or paralegal to get some advice on the quit deed in order to begin to separate your assets from your ex. Good luck!
0 votes Thank Flag Link Mon Jun 8, 2009
Jinave,

This is a question best asked of a mortgage or lender professional. Try to find a local lender, who will be very happy to assist you, and if you have an attorney, ask him or her, too.
Best wishes to you in your search and in this time of your life,
Warm regards,
Dedra Lipscomb
0 votes Thank Flag Link Mon Jun 8, 2009
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