My name is on a mortgage from my previous marriage. Would I still qualify for a new mortgage w/ new wife?

Asked by Tom5, Carpentersville, IL Sun Jan 8, 2012

My previous marriage will be disolved in about 2 wks.. I will be married on 2-1-12

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Ranj Mohip, Other Pro, Chicago, IL
Sun Jan 8, 2012
Every lender has its own guidelines. Some lenders will want to see a divorce decree/settlement that states your wife is responsible for the mortgage payment. Some will want to just see that the mortgage s current. Explain your situation to a lender and see what they say. Good luck.

Attorney Ranj Mohip is a Chicago real estate attorney. The information in this answer is general information and is not intended as legal advice. Further, answering this question or otherwise contributing as a member of Trulia.com does not create an attorney-client relationship. Remember--consult the best real estate attorney in Chicago or in your respective area. Contact us at http://www.ranjmohip.com for more information.
1 vote
Nike (Nikki)…, , Beverly, Chicago, IL
Sun Jan 8, 2012
Hi Tom5,

Please let me explain in more detail to cut through some of the confusion. I am a Lender (over 15 years), and the guideline is very simple - people sign on mortgages every day with their spouses, parents, children, siblings..it doesn't matter who. The payment history is always counted for or against you (if bad). The payment amounts however, are a different matter.
You will be able to purchase a new property with your spouse or anybody else if you can show that the other party has made the last 12 consecutive months of payments without your assistance, from am account that does not bear your name. You would be able to buy the new property as an owner occupant, get an FHA or Conventional loan as you wish, and buy at the same value you would buy if you never were on the previous loan. In essence, the payments are not counted as a debt against you.
I hope this helps. A good Lender is worth more than silver or gold.

Sincerely,

Nike Fasanya, CMC
President
Marvel Ventures Mortgage, Inc
Email: office@marvelmortgage.com
Web Reference:  http://marvelmortgage.com
0 votes
Suzanne Hami…, Agent, Orland Park, IL
Sun Jan 8, 2012
if your divorce decree indicate that you will no longer be responsible for the mortgage then it will be not count against you. otherwise it will count against you and it may be harder for you to get a mortgage consultant. you will need to give them the decree so they can see that .
0 votes
Annette Levi…, , New York, NY
Sun Jan 8, 2012
Tom5,
Congratulations on your upcomeing nuptials. If you can afford both homes, then you can get a new mortgage with new wife. If your divorce agreement does not require your soon to be ex to refinance or sell the house, you are still responsible. If the soon to be ex pays the mortgage late it will be reflected on your credit report since you are on the mortgage.
0 votes
Nike (Nikki)…, , Beverly, Chicago, IL
Sun Jan 8, 2012
Yes, you could. You would need the last 12 months of cancelled checks from whoever is making the mortgage payments to show that you are not the responsible party for the payments, and while the mortgage would show up in your application, the payment would not be counted against your debt ratio.
Good luck, and please contact me with any further questions.

Nike Fasanya, CMC
President
Marvel Ventures Mortgage, Inc
Email: office@marvelmortgage.com
Web Reference:  http://marvelmortgage.com
0 votes
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