Posted on: 19th Mar, 2013 12:00 am
In the year 2006 my dad bought and took out a mortgage from the bank. My parents want to buy a house this year. However, my dad lost the house he bought in 2006 he can't buy anymore. We were thinking of signing it under my mom’s name. But when my dad bought the house my mom signed some papers. After taking a look at the papers, we realized that my mom is only on the property deed and not mortgage. There is a paper that says borrowers name and only my dad signed it not my mom. Can she buy a house under her name?
Hi Niinny,
As your mom was not on the mortgage docs of the property that your father purchased, she was not liable for the payments. Moreover, her credit won't have been affected due to the foreclosure of the property. In such a situation, she will be able to get a mortgage in her name.
Take care.
As your mom was not on the mortgage docs of the property that your father purchased, she was not liable for the payments. Moreover, her credit won't have been affected due to the foreclosure of the property. In such a situation, she will be able to get a mortgage in her name.
Take care.
If your mom meets the required eligibility criteria for obtaining a loan such as credit score, income employment, assets, debt to income ratio etc. then she will be eligible for the loan.
2006 is more than 6 years back, even if your mom's name was on the title she would still had a chance to get a mortgage based on her credit score and other factors as pointed out earlier.