Posted on: 02nd Mar, 2010 11:23 pm
I would like to purchase a mobile home that is situated in a beautiful park on a permanent foundation. I currently own two stick built homes with my husband. We are seperated at this time and not living together. My broker told me that in order to be approved for a loan for the mobile home ($50,000 Foreclosure), I have to remove my name off of the title of our homes. Is this true?
Hi roaddogs,
You've mentioned that you own two properties along with your husband. I guess, your name is on the mortgage of those properties. Thus, you won't be able to get a mortgage in order to buy a new property. These days lenders are not approving loans to such borrowers who already have a mortgage on one of their properties.
Thus, it's better to remove your name from the property and mortgage before buying a new property. You can sign a quit claim deed in your husband's favor and ask him to refinance the loan.
You've mentioned that you own two properties along with your husband. I guess, your name is on the mortgage of those properties. Thus, you won't be able to get a mortgage in order to buy a new property. These days lenders are not approving loans to such borrowers who already have a mortgage on one of their properties.
Thus, it's better to remove your name from the property and mortgage before buying a new property. You can sign a quit claim deed in your husband's favor and ask him to refinance the loan.