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kwabroad
recently joined

Reged: 05/18/12
Posts: 2

House issues

#784818 - 05/18/12 06:36 PM

Here's the deal. My wife and I have been married for almost 18 years. I am not contesting anything. She will have the kids, house and car. The only issue I have is that I want to buy a home but I'm not sure the court will award her the current house because she is unemployed. The bank says that it must say in the decree that she is responsible for the home. It's a catch 22. What I want to know is will the bank still allow me to obtain a home loan if it says in the decree that I will be responsible for the payment but she gets the house. I'm not even sure the bank will take me off the title. If anyone has experienced this I will be more than grateful for info. Thanks

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finz
Carpal \'Tunnel

Reged: 06/17/08
Posts: 6462

Re: House issues

[Re: kwabroad]
#784846 - 05/19/12 10:40 PM

The bank will take you off the title, it won't take you off the mortgage. You don't want to be in that situation.

Is your income enough that you would be approved for a new mortgage while still owing for the family home ?

If she can't re-fi in her name only, I'd recommend she start looking for a new place to live.

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Renny
addict

Reged: 09/24/11
Posts: 479

Re: House issues

[Re: kwabroad]
#785242 - 05/24/12 10:09 PM

You can pay her enough alimony for her to afford the mortgage and the lifestyle that goes with living in the house and the bank will refi in her name. Whether you can buy another house depends on your income and credit, as finz says.

My impression is that there isn't enough money to do all that. The two of you probably have to scale back your expectations.

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