Can I buy a house in MA under my name only to avoid spouses current short sale/forclosure?

Asked by Adam, Massachusetts Fri Aug 27, 2010

Spouse bought two bedroom condex before we were married, and I have not put my name on anything since our marriage. Home was purchased in 2005 for $240k with an 80/20 (5/1 ARM and an interest only...different lenders). She would be lucky to get $160k for it today and our space needs have changed since then as we have two young children. She is considering short sales, forclosure, modifications, and such.

I have a few years history of $100k income, a small auto loan ($15k) as my only debt, and a credit score around 720.

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Thomas Simon…, Agent, Edina, MN
Mon Nov 19, 2012
Adam: If your name does not appear on any of the mortgage documents then buying under your name should be no problem. If you did somehow manage to get your name on the docs then this might be different. Go to a local lender, have them pull a credit report and get you qualified for a loan. Good luck.
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Peter Smothe…, Agent, Lindstrom, MN
Mon Nov 19, 2012
You should be able to go ahead and purchase on your credit and income without issue... when it comes to her existing home and loans your basic options will come down to three options... 1) Keep it and pay for it / possibly rent it... 2) Strategic Default OR 3) Short Sale

All 3 options have pros and cons that need to be weighed out and balanced against your specific situation, goals, plans, risk tolerance, etc...

Start with a good mortgage broker for your purchase options and then you will want to meet with a good Realtor who knows short sales and possibly with an attorney who will likely advise you to keep the home and stay put just to cover their own butt...
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