Posted on: 10th Oct, 2009 12:34 pm
hi,
i have a home that is in my name only. i am considering filing bankruptcy to get rid of the home we have had up for sale now for 3.5 years. i was transferred to another facility that requires a 1 1/2 hour drive daily. we need to move.
so, my question is: if my husband buys a new home in his name only before i file for bankruptcy, will the morgatge payment be considered into the monthly expenses? will this cause any problems?
thank you
i have a home that is in my name only. i am considering filing bankruptcy to get rid of the home we have had up for sale now for 3.5 years. i was transferred to another facility that requires a 1 1/2 hour drive daily. we need to move.
so, my question is: if my husband buys a new home in his name only before i file for bankruptcy, will the morgatge payment be considered into the monthly expenses? will this cause any problems?
thank you
If he is on the current mortgage, then yes it will need to be factored into the ratios. If he is NOT on the mortgage, then he can qualify only with the new proposed mortgage plus any other debt on his credit card.
He is not on the current morgtage and has been pre-approved for a new morgtage on his own.
Hi jessi,
If your husband is purchasing the property solely in his name, then I don't think it would create any problems for you. I hope your name would not be included in the mortgage docs of the new mortgage. In that case, you won't be liable for the mortgage dues. So, it won't be considered a monthly expense for you.
Thanks
If your husband is purchasing the property solely in his name, then I don't think it would create any problems for you. I hope your name would not be included in the mortgage docs of the new mortgage. In that case, you won't be liable for the mortgage dues. So, it won't be considered a monthly expense for you.
Thanks