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Purchasing a home with an existing mortgage

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williams59 Guest	Posted: Mon Jan 31, 2011 10:37 am    Post subject: Purchasing a home with an existing mortgage Like 0 Dislike 0 I am curently going througha divorce and at this point do not know what will come of the situatuin with our current house. I have started looking because I was told that the woman is always awarded the house. My worry is trying to talk to a lender to get approved for a mortgage loan when I already have a mortgage loan with Wells Fargo. Can you offer any advice as to what steps I should take or what order to proceed to secure a loan? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Tue Feb 01, 2011 9:30 pm    Post subject: Like 0 Dislike 0 Welcome williams, As you already have a mortgage with Wells Fargo, you won't be able to qualify for a loan immediately. You should ask your spouse to refinance the mortgage in her name so that you're released of the liability to pay off the loan. Then, you can apply for a new mortgage. _________________ Procrastination is the enemy of your financial success

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