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Guest

Hello experts,

I am buying a home in Collin county and wanted to fiance only under my name due to unfavorable credit history of my wife. Bank qualified me first, gave me the good faith estimate and closing date. After two days bank came back and told me that there was an oversight from them, since the property is in the sate of Texas and Texas is community property state, my spouse need to be on the application. They ran her credit history and told me that they can not give us the loan at this time. They even told me that getting my wife sign the affidavit that excludes any rights for her on the property, it is not going to work for us. Just wondering if I have any other options like setting up a revocable trust or land trust to purchase the home. I know I may have to consult a real estate lawyer who is experienced with deeds and trusts. But I do welcome and appreciate any suggestions & advice. Thank you in advance.

Regards,
Styx

Niicss · Posted: Thu Dec 09, 2010 2:07 am Post subject:

Though you place the property in the trust, I don't think you'll be able to get a mortgage unless your spouse has a good credit score and stable financial situation. However, you should definitely have a word with a real estate attorney and check out if he can offer you a way out.

Guest

Thank you Niicss. I will seek help from a RE attorney.

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