My name is on the deed but not in the mortgage.

Asked by lady1982, Minneapolis, MN Thu Aug 25, 2011

my husband bought a house when we got married. the loan is only in his name, he is letting the house foreclose and i will be buying one in my name only. The broker i'm working with told me that i might get the loan denied because they will see that i already own a house and count that mortgage payment agaist me or as part of my monthly expenses. He also told me i should pay off some of my credit cards to be able to get more buyig power and recomended we do a short sale so im not in the hose deed anymore, so we talked to another broker and he told us something else. He said the foreclosure should not affect me since is not in the loan does not have my name. I'm so confuse, now i don't know if we should do a short sale to ge my name out or foreclosure and save more money.

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Steve Vennemann’s answer
Steve Vennem…, Agent, Pine Springs, MN
Tue Apr 24, 2012
Sounds like your realtor knows what they are talking about I would go with their advice. usually though if the home is not in your name you should be fine but pay down your credit cards it will raise your scores also
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FSBOsuccess, Home Seller, 28590
Thu Aug 25, 2011
The foreclosure should not affect you or your credit. I would go with the 2nd broker.
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