Posted on: 12th Oct, 2009 04:12 pm
if my name is on title will will d mortgage company allow me to purchase home as a shortsale...my name is not on the loan just on title ..my friend currently is on d note. but she cant keep up with payments. i'm ready to purchase a home and i figured i could purchase the home will they allow me if i can them upfront.
Guest your post is little confusing
Is your name on the title of the house you want to buy in short sale. Then that would be a problem
But if you are saying your name is on the tile of a different house, then you will be eligble to buy the house in short sale depending on your incoem and credit history
Is your name on the title of the house you want to buy in short sale. Then that would be a problem
But if you are saying your name is on the tile of a different house, then you will be eligble to buy the house in short sale depending on your incoem and credit history
hi guest,
do you mean you want to buy the same property which is currently in short sale? or are you planning to buy a different property and are concerned whether your name on the property, to be short sold, is going to affect your credit?
if you want to buy the same property from short sale, you will have to discuss this with the lender. you may also be able to buy out your co-borrower and refinance the existing mortgage in your name. in case you want to buy a different property in your name, the short sale will not affect you in any way. since you are not on the mortgage note, you will not be held responsible for the short sale and your credit should be safe and you will be able to buy a new home.
do you mean you want to buy the same property which is currently in short sale? or are you planning to buy a different property and are concerned whether your name on the property, to be short sold, is going to affect your credit?
if you want to buy the same property from short sale, you will have to discuss this with the lender. you may also be able to buy out your co-borrower and refinance the existing mortgage in your name. in case you want to buy a different property in your name, the short sale will not affect you in any way. since you are not on the mortgage note, you will not be held responsible for the short sale and your credit should be safe and you will be able to buy a new home.
please guest clear your points .....