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dykesm · Joined: 27 Jan 2010 Posts: 4 1.80 Dollars($)

Hello, New here and looking for some assistance.

I am in a difficult personal situation and own a home with my ex. The home is only 1 year old and they are still building in the area. The new construction is selling for about $20,000 less than when I purchased the home 14 months ago.

I am thinking about taking out another mortgage on a home in my name only and moving out. I am wondering if another mortgage is even possible given that I technically owe half of the existing mortgage.

I am looking for any options for getting out of the current situation.

Thanks
M

tfaulhaber1 · Posted: Wed Jan 27, 2010 12:11 pm Post subject: Purchasing another home

If you can qualify for another loan, you should be ok. Are you legally seperated or divorced? If your purchasing in the same area, depending on the legallity of your seperation will determine how the lender treats the new purchase (primary, second home, or investment). For each, the down payment requirements are different (more as you go down the line).

gmakerley · Posted: Wed Jan 27, 2010 1:57 pm Post subject:

dykesm, keep in mind that you are not half-responsible for that mortgage. as a borrower you are 100% responsible.

dykesm · Joined: 27 Jan 2010 Posts: 4 1.80 Dollars($)

Not legally separated or divorced. My partner and I purchased the home a little over a year ago as co-borrowers. I want to buy my own place (instead of renting) and was just curious what my options were. If I have a mortgage but am not listed first, will the second mortgage be considered my primary?

Thanks for your help.
M

dykesm · Joined: 27 Jan 2010 Posts: 4 1.80 Dollars($)

I understand that I will also be 100% responsible but would I have to quallify for a new mortgage plus 100% of the current or just 50% of the current and 100% of the new?

gmakerley · Posted: Wed Jan 27, 2010 2:12 pm Post subject:

100% of each is considered. no lender would ever consider only 50% of a joint loan.

dykesm · Joined: 27 Jan 2010 Posts: 4 1.80 Dollars($)

Thanks for the info!

gmakerley · Posted: Wed Jan 27, 2010 2:26 pm Post subject:

you are welcome!

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