Who is making the payments? You need to talk to both a lender and an attorney. Your ex may qualify for an FHA mortgage. Your solution will depend on your financial situation. Don't hesitate right now because he could ruin your credit. Contact a reputable lender quickly. if you would like assistance call me.
Carol Pease, ABR, CRB, CRS, e-PRO, GRI
You really need to consult an attorney. You need to determine if you can sell your interest in the home, and most importantly you want your name off of that loan. If your ex decides to stop paying or can't afford it without you, it could hurt your credit score if your name is still attached. Could you qualify to buy him out and keep that house? Speak to a pro and good luck with it!
I agree with Cameron that to purchase another home will depend on the Lender deciding if you are credit worthy to afford two mortgages. Also, as he said, your attorney might be able to force him to sell your current home and have the proceeds, if any, divided between the two of you. It's a tough situation but you will eventually get it worked out. Best of luck!
I prefer Hancock McGill Attorneys. Call them, they will do phone appointments. You need solid legal advice so that you can determine a course of action on the current home and note. I must say that you don't want a mortgage "out there" with your name on it when you don't live in the property.
Also, you should contact a reputable lender. They can tell you what you can qualify for and what you will need to provide them in order to qualify for a new loan. I can recommend Melanie Hadley with Cornerstone Mortgage or Mark Orr with Colonial National. If they can't help you, I don't know who could.
I'm sorry you're in this situation but yes, I agree with the others that the only way to get off the mortgage is through a sale or a refinance. By your post, it doesn't appear a refinance is possible due to his credit scores. Heâ€™s going to need around a 620.
Consider this: call me or your last mortgage broker and have them pull credit to see where you stand right now. If I were in this situation I would want to at least have a plan of action as to when you could realistically get off the mortgage. Maybe there some mistakes on his credit report giving him an artificially low credit score. PLUS, you want to make sure you're not on any other shared credit, like credit cards.
But until then, you and your credit are vulnerable to how he pays the mortgage. Perhaps he can put the mortgage on auto pay at his bank. This way youâ€™ll know the mortgage is being paid on time.
As for your new home, the only way to see what you qualify for is to simply do an application and see where you stand carrying two mortgages.
The answer is â€œYesâ€ you can purchase another home if your name is on the note of another mortgage. In order to purchase a primary residence, you basically would just show proof that your ex-husband is and has been making the payments on the home - you could do this with canceled checks. Then you should be able to exclude or wash this payment from your debt to income ratio, therefore allowing you to qualify without taking the hit of both mortgage payments against you. Your current credit and income will determine how much you would qualify for.
I agree with the responses below and would seek legal council regarding the options that are available to you about selling your current home.
Please donâ€™t hesitate to call me with any questions.
Thank you, and have a great day.
Senior Mortgage Ban
It will really depend on your current income situation. Essentially the bank will want to see that you make enough money to cover both mortgages. This will not obsolve you of your obligation if he should stop paying the mortgage on the other house though. My recommendation would be to speak to an attorney and see if there is a way to force the sale of the asset, or to force him to refinance the mortgage without your name attached to it. I hope that helps.