Posted on: 17th Jul, 2008 10:34 pm
hi,
can i apply for a loan on my own and buy a home if i already have title to a home? my husband and i own a home, the title is in both our names, however the loan is under his name only. i checked my credit report and the loan is not on my report. our home will be going into foreclosure. if i do a quit claim deed will it remove my name from the title? if i want to buy another home on my own is it possible for me to do that? do i have to put my husband's name in the title of the new home since we are married? if i leave my name on the title of the existing home, can the mortgage company come after me for the loan once it's foreclosed (even though the loan is under his name?)
can i apply for a loan on my own and buy a home if i already have title to a home? my husband and i own a home, the title is in both our names, however the loan is under his name only. i checked my credit report and the loan is not on my report. our home will be going into foreclosure. if i do a quit claim deed will it remove my name from the title? if i want to buy another home on my own is it possible for me to do that? do i have to put my husband's name in the title of the new home since we are married? if i leave my name on the title of the existing home, can the mortgage company come after me for the loan once it's foreclosed (even though the loan is under his name?)
Hello kanchananarith.
You can apply for a loan on your own and need not to put your husband's name on the deed of the new home.
You are not on the loan which is going to be foreclosed. So you can quitclaim your share of the property to your husband.
You can apply for a loan on your own and need not to put your husband's name on the deed of the new home.
You are not on the loan which is going to be foreclosed. So you can quitclaim your share of the property to your husband.
Once you are not on the Mortgage Note you are not obligated to pay the loan nor can the lender come to you for this debt. The title only indicate that you have property interest and part ownership of property. When you are a co-borrower then you are obligated to pay if borrower does not. You can impart all the interest to your husband or not. However, you are definately in a position to purchase your own home if you have the credit score, income and down payment. Good luck in the search of your new home.
Jeanette Smith
Mortgage Planner
Union Mortgage Group
Jeanette Smith
Mortgage Planner
Union Mortgage Group
