1st time home buyers, will child support arrears disqualify me for a loan?
My husband and I are 1st time home buyers. We are at the very end of the process, basically we got the loan only if my husband pays his child support arrears. my husband has always paid his support on time faithfully ,the system takes it right out of his check.. well he use to work for a company that paid him every week so the court ordered him to pay support every week. now for the past two years he has worked for a co that pays 2x a month. the system has been notified of it and they take the money out every pay (2xamonth). The people at the courthouse never let him know that he had to go to court and get the court order changed because of his pay change so now he is in the arrears. We are at the very end and are ready to close but we don't have the money to pay the arrears, we won't have it until we close on the house($8000. if you close by nov 30th, 2009)what can we do
Lady1, Talk to your attorney about this, not your realtor or mortgage person.
Outstanding child support is not just a mortgage issue, it is also a legal/title issue. It can prevent you from closing. Also, as noted below, the $8,000 tax credit is not provided at closing.
It is possible to finance the $8,000 tax credit so you get the money to help with closing costs. If your lender agrees the title company may be able cut a check at time of settlement for the support arrears. You may be too close to closing to arrange this but it's worth asking your agent and lender and settlement agent if this is possible - seller may even be willing to postpone until you get this done rather than loose the sale.
Good luck, let us know what happens.
Ros Hall
Weichert, Realtors
610 459-5500 x186
rahall@earthlink.net
http://www.roshomes.com
For some reason People think if they buy a home before Nov 30 they will get $8000 cash when they close. You are not getting a penny it is a tax credit.
re: tax credit-- you're not going to get it just like that-- its a process. If you dont have the money to pay these arrears and your loan officer says they need to get paid ?( get a 2nd opinion) Then if so, i suggest you cancel escrow now and get your agent to try and save your initial dep , because it sounds like it might be too late for that! Good Luck
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