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Spouse getting a mortgage after foreclosure

Posted on: 10th Jan, 2014 12:47 pm
My husband had a foreclosure before we were married. If I get a mortgage now in my name only, can they put a lien to collect the old debt from his foreclosure on my new property because we are married?
Our house was foreclose on in dec 2011. We were working with BOA for a modified payment for over a year. Long story short the foreclosed on us. We had to file bankruptcy on our 2nd. It has been two years since bankrupt and two on foreclosure. We are wanting to purchase a home but have been told we must wait 3 yrs due to foreclosure. We have receive a confirmation the bank handled or mhaf act incorrectly. What can we do to buy a home now
Posted on: 10th Jan, 2014 01:39 pm
Hi Tara,

If the property and the mortgage is solely in your name, then your husband's creditors will not be able to come after your property to recover the debts or place a lien.

Welcome Sandi,

Yes, it is true that you will have to wait for at least 3 years to get a mortgage. As 2 years have already passed, it will be better if you could wait for 1 more year and then apply for a mortgage.
Posted on: 12th Jan, 2014 07:35 pm
Tara
What state are you in - if in a community property state the banks lending may have issue -they will pull both reports - not saying it cant be done but it may need explanation

if not in a community property state you can get a mortgage on your own provided your income and scores are eligible

Good Luck
Brian
Posted on: 15th Jan, 2014 11:29 am
Tara,

You can get a mortgage in your name only.

The next item to be concerned with is whether or not your husband can be on title or should not be on title.

Whether the foreclosure or any other judgments or liens, if any "open" judgments or liens, he cannot be on title. If no open liens or judgments, he can be on title.

Part of the process is the title search. That will disclose if there are any open liens or judgments.
Posted on: 15th Jan, 2014 01:30 pm
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