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Situation: friend took out a construction loan which is about a year in “extension” – which I assume would be in default according to the contract. Payments are still being made, but obviously they haven’t closed the permanent loan. He filed for divorce, they mediated – he paid her off (is paying her off) to keep the house and property (though incorporated into the agreement that she can seize if he defaults in payment)(they were married 2 years); she signed a warranty deed, but he’s been unable to close on the permanent loan because of finances, etc., but it trying to work with them hoping business picks back up (has own business). The company who provided the construction loan went out of business, new company took over. They are unaware of the divorce and his fear is, when that is brought into the equation, he will be unable to obtain a loan because of his financial situation; last year, he didn’t take a salary – year before he did, which I am assuming is what the loan was based on.
I’ve been reading where they say when taking out a construction loan, or any loan for that matter, not to buy a car, co-sign a loan for anyone, get a divorce, or anything that would hinder your chances of the permanent loan. But, without sounding bias, when your significant other commits adultery and you just want to get out, that’s what some people do.
Situation: friend took out a construction loan which is about a year in “extension” – which I assume would be in default according to the contract. Payments are still being made, but obviously they haven’t closed the permanent loan. He filed for divorce, they mediated – he paid her off (is paying her off) to keep the house and property (though incorporated into the agreement that she can seize if he defaults in payment)(they were married 2 years); she signed a warranty deed, but he’s been unable to close on the permanent loan because of finances, etc., but it trying to work with them hoping business picks back up (has own business). The company who provided the construction loan went out of business, new company took over. They are unaware of the divorce and his fear is, when that is brought into the equation, he will be unable to obtain a loan because of his financial situation; last year, he didn’t take a salary – year before he did, which I am assuming is what the loan was based on.
I’ve been reading where they say when taking out a construction loan, or any loan for that matter, not to buy a car, co-sign a loan for anyone, get a divorce, or anything that would hinder your chances of the permanent loan. But, without sounding bias, when your significant other commits adultery and you just want to get out, that’s what some people do.
Just trying to find out what his options are!
You might get more traction by posting this in the Mortgages forum.
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