can Wife with good credit buy after husband forecloses on primary residence?

[azhardspot]

My husband is the only person on the TITLE & MORTGAGE for our primary residence
He will be going though foreclosure soon.
After the foreclosure his credit will be damaged, but mine will be intact since i am not on the MORTGAGE

Can i buy a home using my credit after the foreclosure process is completed?
I have a good job and good cedit score and can qualify for a home all by myself..

Not sure if lenders look for spouse's bad credit -> even when we look for a conventional loan (not FHA)

if anyone has an experience on this front ..please post

thanks much ...

[AZOwner]

If you qualify for a loan by yourself, you should go for it.

If you put information on the app about your husband, they will consider his credit as well. From the banks perspective, YOU are applying for the loan, and YOU don't have any blemish on your credit.

You should be good to go. Just because you are married does not mean that you do not maintain seperate credit identities.

[Isabel]

I am happy to hear this. We have the same scenerio but the other way.

All this stuff with the bank is soooo stressfull

[knownick]

We are meeting with a mortgage broker this weekend to discuss exactly this scenario. I'll let you know how it goes.

[azhardspot]

thx for the replies folks
i personaly think this scenario is the cleanest from the second mortgage application standpoint and also from the "buy and bail" standpoint

coz when i apply for my mortgage - my husband would have already got rid of his home and there is no concept of homeownership in that case and dont have to answer any question related to "what will you do with the primary residence"

plus you save on all those months of free rent

please keep me posted
i am also talking to some mortgage brokers this wek

thanks

[azhardspot]

My husband is the only person on the TITLE & MORTGAGE for our primary residence.
He will be going though foreclosure soon.
After the foreclosure his credit will be damaged, but mine will be intact since i am not on the MORTGAGE.

WHAT ABOUT THE FORECLOSURE PUBLIC RECORD?
THAT WILL BE FILED ON HIS NAME ONLY CORRECT?
I WANT TO CONFIRM THAT MY NAME WILL NOT APPEAR ON THE FORECLOSYRE RECORD?

thanks

[ultimate4799]

hi all,
This is good info. thanks for sharing. knownick, please keep us posted.

[dogatemy]

Is there a reason you are spamming the forum with this question?

You ask the question in this post.

Then you create another post with the same question..

Foreclosure Record on Husband's Name if WIFE not on TITLE/MORTGAGE ?


Then you ask for, and receive a response, in this thread:

Buy and Bail questions

I would be willing to bet if I did a search then I would find the same question in other threads/posts.

Is there a reason you are asking the same question and illiciting the same response from so many people?

[azhardspot]

all the 3 questions are different - even though they are on the same topic
i am in the middle of figuring out my options and there is nothing wrong if i want to do the due diligence in asking questions .. there is no obligation to answer !

1. asks for wife's ability to buy after husband forecloses
2. aks for the specifics of the public record when a foreclosure is filed
3. asks for legal implication if wife buys a 2nd home and husband lets go of the 1st

[azhardspot]

Knownick ... PLEASE LET US KNOW IF YOU HAVE ANY UPDATES ?
i called up a mort broker and he said that he recently did a loan where wife with good credit/income was buying after her husband foreclosed. He said it was easy because they were separating and had legal papers ... he was not sure how it have looked if there was no separation involved

thx much

[knownick]

We should be receiving some more information later this week but the initial consultation was good. He said he had to "look into some things" relevant to our specific situation but that he didn't anticipate any problems.