Posted on: 06th Sep, 2012 09:47 pm
Hi!
My husband and i are wanting to purchase a foreclosure cash and obtain a construction loan for the repairs. However i have a poor credit score and the construction loan will be in his name only. Is it true that my name can not be on the house if we are to get a construction loan for the property? If i have student loans (not in default) or a small judgement can the fed government or the other company put a lien on my house?
My husband and i are wanting to purchase a foreclosure cash and obtain a construction loan for the repairs. However i have a poor credit score and the construction loan will be in his name only. Is it true that my name can not be on the house if we are to get a construction loan for the property? If i have student loans (not in default) or a small judgement can the fed government or the other company put a lien on my house?
Hello Tnfdatl,
You only have to pay interest for the amount of money you actually borrow from each draw. So you won't really be carrying the full mortgage until the end of construction, at which point you will roll the construction loan over to a conventional mortgage.
:wink:
You only have to pay interest for the amount of money you actually borrow from each draw. So you won't really be carrying the full mortgage until the end of construction, at which point you will roll the construction loan over to a conventional mortgage.
:wink:
Hi Tnfdatl,
If you wish, then you can add your name to the property deed. However, yes, it is true that if you're an owner of the property, then your creditors will be able to place a lien on the property.
Thanks
If you wish, then you can add your name to the property deed. However, yes, it is true that if you're an owner of the property, then your creditors will be able to place a lien on the property.
Thanks
Not to worry their is no problem in getting your name on house as the interest and loan is specified in the documents and you could say that a small contribution is yours too.