Posted on: 31st Jan, 2011 08:04 am
My husband and I may be getting a divorce. We have been in the house for 1 year. What are the ramifications of getting a divorce when we've had the FHA loan for 1 year? What are our options if 1 of us wants to keep the house? What are the options if neither wants to keep the house? Can we sell after 1 year?
absolutely, you can sell the home - regardless of the time span since you purchased. if one of you wishes to keep the home, you'll have to work out that arrangement, but that person would want to be able to refinance the existing loan; that of course would require qualifying for a new loan. everything here is negotiable, but all the details have to be worked out, of course. the fha won't care one way or the other, as long as there's no default of the existing debt.