Property Q&A in Oak Hill>Question Details

Diana, Home Buyer in Port Charlotte, FL

I am wondering if I can get a loan for this home on my own. I am currently seperating from my husband.

Asked by Diana, Port Charlotte, FL Wed May 13, 2009

We have some debt together but most of it is from his business which he owned before we were married. I am trying to start a new life for me and my children and this would be the perfect place. Just let me know what I have to do to own this property

--
This question is about this property: http://www.trulia.com/property/40396491-739-Zane-Oak-Rd-Oak-…

Help the community by answering this question:

Answers

3
The best answer is to wait until your divorce is final. I see nice divorces every day go awry and even though a spouse says they won't do something, they DO.

The good news is that there are a lot of choices when it comes to homebuying right now. I'm sure you will find the perfect home to start your new life with your children soon. Just be patient. Blessings to you and your family.

Dee Nofziger
Realtor
Web Reference: http://www.ask-dede.com
0 votes Thank Flag Link Thu May 14, 2009
Yes, you can obtain financing on your own if you choose to. The divorce does not have to be finalized to do so but you obviously might want to wait - that is up to you. Typically, married couples have debts jointly so that when they separate, there needs to be a separation agreement which can legally obligate one spouse to specific debts - thereby eliminating them from your personal obligations even though they might still be on your credit report.

By the way, not that your situation is not amicable, I would just let you know that I have seen more than one situation where a divorcing/separating spouse tried to hurt the other's credit report by deliberately paying debts and tradelines late. Just a word of warning. Keep in mind that credit reports are typically good for 4-6 months before they need to be re-pulled so you might want to think about pulling your credit now for a loan approval and then closing before the report expires - if that is a concern of yours.

If you have any questions, please feel free to call me.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
0 votes Thank Flag Link Wed May 13, 2009
My suggestion is to go through the divorce first before you buy property. Florida may be a dower rights state which means the spouse automatically is entitled to 30% of the other's property. Once you get your property and finances settled from the divorce, then talk to a loan officer to find how much you will be able to afford. It will be much easier to not have to include your ex. in your purchase.
0 votes Thank Flag Link Wed May 13, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer