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I live in Texas, a community property state, and my husband purchased a home in his name only while we were married. MY NAME IS NOT ON THE LOAN. The property is set for forclosure with in the next 20 days. Will this effect me in getting a mortgage in the near future in my name only?

smithsussane · Posted: Tue Aug 17, 2010 12:20 am Post subject:

Hi Mortgageenvy!

Welcome to forums!

As your name is not on the loan, the foreclosure will not hamper your chances of getting a mortgage in the near future.

Feel free to ask if you've further queries.

Sussane

Guest

Just spoke with local realtor and he explained that since I live in a community property state that I WILL NOT be ale to get to the closing table without the lender considering my husband's credit which will show a foreclosure and exlained my only option was to rent, wait 7 years or get a divorce. Do you know of a lender I can prequalify with that is familiar with Texas, a community property state?

jameshogg · Posted: Wed Aug 18, 2010 12:10 am Post subject:

Hi mortgageenvy,

As you live in a community property state, you can ask your husband to sign an interspousal transfer deed and relinquish his rights on your new property. Once he does so, you would be able to qualify for a loan on your own.

Thanks

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