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I am not married right now. My girl is going through a foreclosure. My question is this. In the future, we will probably end up getting married. So let's say we get married and then we decide to buy a house. I would want to buy that house with ONLY ME qualifiying for the loan. I understand that in Florida, since we are married, she has to go under the title and sign all the closing documents with me. But my question is as far as qualiying goes, if I elect that the lender only use my credit and my income for qualification purposes, will they agree to do so ? Reason I ask, is that I would NOT want my wife to be part of the qualifying because of course she would have a foreclosure blemish on her credit from the past. I just want to make sure that when I am married, I am still able to purchase a home using my credit and my income. She will be under the title yes...but it won't screw me in trying to get approved, correct ? Her being under the title per Florida Law since we are married and me qualifiying for the loan by myself are two seperate things right ?
Thanks
N
I am not married right now. My girl is going through a foreclosure. My question is this. In the future, we will probably end up getting married. So let's say we get married and then we decide to buy a house. I would want to buy that house with ONLY ME qualifiying for the loan. I understand that in Florida, since we are married, she has to go under the title and sign all the closing documents with me. But my question is as far as qualiying goes, if I elect that the lender only use my credit and my income for qualification purposes, will they agree to do so ? Reason I ask, is that I would NOT want my wife to be part of the qualifying because of course she would have a foreclosure blemish on her credit from the past. I just want to make sure that when I am married, I am still able to purchase a home using my credit and my income. She will be under the title yes...but it won't screw me in trying to get approved, correct ? Her being under the title per Florida Law since we are married and me qualifiying for the loan by myself are two seperate things right ?
Thanks
N
If you are married and it will be your primary home, she will have sign the mortgage and truth-in-lending in Florida, however, the liability (note) will be your responsibility only. You can have her on the title. Make sure you inform your mortgage broker of this fact and the title company. It is very common throughout the country. You can qualify on your credit, your income, etc. and she can be on title with you.
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Unless you go with an FHA loan, in which case her liabilities will be included in your DTI, and although here credit will not be used for qualification purposes, any collections, judgements, or charge-offs will need to be paid off as her credit will be pulled for the purposes of including liabilities in the total DTI. She also will not be allowed on title if she is not on the security instrument (note).
She would not have to qualify for the loan. Actually, you would not even need her to be on the title either but usually, when you are married, spouses like that! Her credit report would not be pulled.
I know you are in Boca also. So am I. You can PM me or DM me. I am probably right around the corner from you. I live in Millpond and work at Glades & St Andrews (NE corner).
Last edited by Bette; 03-13-2008 at 10:24 PM..
Reason: Wrote too fast....
I live in Oregon. I refi'd my house approx 3 years with a 1st 225k and heloc 41k both with Homecomings. The refi was for a remodel project. The contractor was paid from these proceeds and did not fininsh the work and what he did was not proper. We filed complaints with the contractors board (CCB). I lost my job in the auto industry Feb of 07. Rate on heloc went to 12%. I could not find work with comp pay (rural area) and knew I would not be able to afford house. Could not sell due to remodel work and was told by CCB if we left and no longer owned house-contractor would suffer no consequnces (penalties) and would never have to repair home. Contacted homecomings and told them I could not make June payment. Was advised they could do nothing to help me until I was 30 -60 days late then call back. Called twice and was told I would be better off after 90 days. Called back and then was told they would raise my payment by approx 25% on the 1st for 1 year and they would do nothing on heloc to help. Listed house for sale. Real value due to area (saturated mkt, no buyers, many forclosures) and remodel may not even be 200k (70k upside down now). Recieved notice that lender had elected to sell property at auction on 3/24/08. Also recieved another work sheet for a possible work out-faxed back and offered to begin making FULL 1st payment starting 4/1/08. Called to follow up and was told unless I paid 3000 for legal costs and 19k to catch up-sale was not going to be stopped.
I believe this is a non-judicial foreclosure since I have recieved nothing from a court saying the sale has been ordered by a judge. What is the law in Oregon regarding this and deficiency judgements?Since Homecomings has elected to do this in this manner and they hold both the 1st and heloc will I owe them anything? it is also my understanding that if it is sold for a loss and reported to the IRS there is a 250k exemption for singles and 500k exemption to married filing jointly on this? Will there be state tax liability?
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Question to all mortgage professionals
Mortgage and foreclosure help needed
ceeds and did not fininsh the work and what he did was not proper. We filed complaints with the contractors board (CCB). I lost my job in the auto industry Feb of 07. Rate on heloc went to 12%. I could not find work with comp pay (rural area) and knew I would not be able to afford house. Could not sell due to remodel work and was told by CCB if we left and no longer owned house-contractor would suffer no consequnces (penalties) and would never have to repair home. Contacted homecomings and told them I could not make June payment. Was advised they could do nothing to help me until I was 30 -60 days late then call back. Called twice and was told I would be better off after 90 days. Called back and then was told they would raise my payment by approx 25% on the 1st for 1 year and they would do nothing on heloc to help. Listed house for sale. Real value due to area (saturated mkt, no buyers, many forclosures) and remodel may not even be 200k (70k upside down now). Recieved notice that lender had elected to sell property at auction on 3/24/08. Also recieved another work sheet for a possible work out-faxed back and offered to begin making FULL 1st payment starting 4/1/08. Called to follow up and was told unless I paid 3000 for legal costs and 19k to catch up-sale was not going to be stopped.
