Posted on: 08th Mar, 2011 09:16 am
I am trying to purchase a new home in my name only. I am married and am not on the loan on the current property which is behind in payments. But I just found out I am on the deed. Can I secure financing in my own name or what can I do? I am trying to get a loan before he goes into foreclosure so I have a place to live.
My credit is very good and I have stable income and not much debt. Thanks for your help
My credit is very good and I have stable income and not much debt. Thanks for your help
Hi brillboardz,
As your name is not on the mortgage, the foreclosure won't have a negative affect in your credit report. If you wish you can quitclaim the property to your spouse. This will remove your name from the property deed as well. Then you can go ahead and get a new loan to buy a property on your own.
Thanks
As your name is not on the mortgage, the foreclosure won't have a negative affect in your credit report. If you wish you can quitclaim the property to your spouse. This will remove your name from the property deed as well. Then you can go ahead and get a new loan to buy a property on your own.
Thanks