Posted on: 27th Apr, 2010 04:11 pm
i am getting a divorce. we currently do not have a purchased home. But I would like to buy a home for myself. the possible problem is that my soon-to-be ex-husband is the bread winner and I am a part-timer working out of the house (no w-2, for me).
is it wise for me to buy a house while we are lawfully married, so I can be pre-qualified? Or is it wise to wait for the divorce to be final and have him co-sign the loan, (he is willing to help me)?
We are oddly still friends even though we are divorcing, but I don't want his credit score to be damaged with this loan since technically the house won't be his and he will have no responsiblilty with it.
What do I do? Wait until the divorce is finalized or buy now and he signs the property over to me in the divorce papers?
is it wise for me to buy a house while we are lawfully married, so I can be pre-qualified? Or is it wise to wait for the divorce to be final and have him co-sign the loan, (he is willing to help me)?
We are oddly still friends even though we are divorcing, but I don't want his credit score to be damaged with this loan since technically the house won't be his and he will have no responsiblilty with it.
What do I do? Wait until the divorce is finalized or buy now and he signs the property over to me in the divorce papers?
Hi lucie,
If your husband co-signs for the loan before or after the divorce, he would be financially responsible for the mortgage. If you do not make the payments on time, the lender will go after him for the dues and if the property is foreclosed in the future, then his credit will be badly affected.
It would be your discretion whether or not you want to buy the home before or after the divorce. You may purchase the property after divorce and ask him to cosign the loan for you.
Thanks
If your husband co-signs for the loan before or after the divorce, he would be financially responsible for the mortgage. If you do not make the payments on time, the lender will go after him for the dues and if the property is foreclosed in the future, then his credit will be badly affected.
It would be your discretion whether or not you want to buy the home before or after the divorce. You may purchase the property after divorce and ask him to cosign the loan for you.
Thanks