Posted on: 10th Feb, 2009 03:42 pm
my husband and i own 2 homes and a lot we had planned to build on in retirement. one home is rented and covers that mortgage the other home is our primary residence. in the last year my husbands company has restructured and he is making substantially less money. our bank has restructured our loan for our primary residence and said they would be open to a short sale on the lot. we were ready to go this route with the lot, but then got some more negative news about my husbands company which means he may lose his job. we have heard having a short sale on his record might effect his future job opportunities as he is granted security clearences, and financial service companies won't hire anyone with short sale history. would it be possible to have my husband removed from the deed and mortgage on the lot and have my name only on these documents? then i would proceed with a short sale. the problem is i don't work and have no income and i know for this to work i would have to refinance in my name. are there any alternatives. sorry this is so long but we are overwhelmed. thanks for any help or suggestions.
I think I saw you ask this question before somewhere. You can get his name off of the mortgage by refinancing. You would have to qualify for the loan yourself. He can still be on the deed. That being said, I dont see how having a mark on his credit report can impact his ability to get a job.
Thanks for the response Eric. Yes I did post this in another section but had no responses, thought maybe I was in the wrong forum...or I may just be long winded. I think the problem will be my qualifying for the refinancing on my own. Technically I do not have a job, I work as my husbands assistant and do not collect a paycheck. Others have told him financial institutions don't hire people who have low or damaged credit...something to do with having security clearences and working with client accounts and SSN's. Also have been reading and SS are listed as debt settled. Thanks again.
