Readers ask: What If House Forclosed But In Husbands Name, Can I Apply For A Mortgage Loan?

If your name is on the deed before your spouse signed the mortgage, then normally the bank can only foreclose on your spouse’s share of the home. The lender will most likely want all the owners sign the mortgage or they will not give the loan to any of the owners.

Can spouse be on mortgage but not title?

You can put your spouse on the title without putting them on the mortgage; this would mean that they share ownership of the home but aren’t legally responsible for making mortgage payments.

Can a house be in joint names but mortgage in one name?

Yes, that’s absolutely possible. If you’re going through a separation or a divorce and share a mortgage, this guide will help you understand your options when it comes to transferring the mortgage to one person. A joint mortgage can be transferred to one name if both people named on the joint mortgage agree.

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What if only your spouse is on the mortgage or title?

You cannot give a mortgage unless you are on the title. So, if only your spouse is on a mortgage, you are not necessarily on the title, automatically or otherwise. You may, however, be on the title, but not on the loan as you’ll see below.

Will my foreclosure affect my spouse?

If your spouse is on the mortgage, the foreclosure will affect your spouse’s credit. If you and your spouse are both on the mortgage, then you both owe the mortgage jointly and severally. In short, if both spouses (or former spouses) are on the loan, foreclosure will affect both spouses.

What are my rights if my name is not on the mortgage?

Real estate owned prior to marriage remains separate property. If your name is not on your home’s title for these reasons, you would not own the home; neither would you be held responsible for loan repayment or any other lien placed on the property, even if it resulted in foreclosure.

What happens if only one person wants to sell the house?

If you want to sell the house and your co-owner doesn’t, you can sell your share. Your co-owner probably won’t like this option, however, unless they know and feel comfortable with their new co-owner. Co-owners usually have the right to sell their share of the property, but this right is suspended for the marital home.

Do both names need to be on mortgage?

Mortgage loan applications are approved primarily based on your credit score and income. On the other hand, your spouse might hurt your chances of approval if she has a low credit score or a lot of debt. There’s no requirement that the mortgage be in both married names.

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Do both owners names need to be on a mortgage?

Only the owner applying for the mortgage loan needs to be named on the mortgage documents. Both owners, however, will be on the home’s deed, which serves as proof of ownership.

Can 3 names be on a mortgage?

There’s no legal limit as to how many names can be on a single home loan, but getting a bank or mortgage lender to accept a loan with multiple borrowers might be challenging.

What happens if my husband died and I’m not on the mortgage?

If there is no co-owner on your mortgage, the assets in your estate can be used to pay the outstanding amount of your mortgage. If there are not enough assets in your estate to cover the remaining balance, your surviving spouse may take over mortgage payments.

Can my husband refinance our home without my knowledge?

It is not possible for one spouse to refinance a joint mortgage without the other borrower’s knowledge or consent — that would be mortgage fraud. In addition, the spouse remaining on the mortgage needs to be able to qualify for the loan on their own. And the person on the loan will have to pay closing costs, as well.

What if my wife is not on the mortgage?

Not on the Mortgage If the wife isn’t named on the mortgage, she can still make payments on it. However, she won’t be able to contact the loan company if there are any discrepancies such as a payment that doesn’t get credited. She also won’t be able to ask about changes to the escrow impound account.

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Can you get an FHA loan after foreclosure?

To qualify for a loan that the Federal Housing Administration (FHA) insures, you must wait at least three years after a foreclosure. If the foreclosure also involved an FHA-insured loan, the three-year waiting period starts from when FHA paid the prior lender on its claim.

When can I buy another house after foreclosure?

Many lenders require a minimum waiting period after a foreclosure before you can apply for a new mortgage loan: three years for FHA loans. seven years for Fannie Mae/Freddie Mac loans. two years for Veterans Affairs loans.

What does it mean when it says foreclosure redeemed?

Redemption is a period after your home has already been sold at a foreclosure sale when you can still reclaim your home. You will need to pay the outstanding mortgage balance and all costs incurred during the foreclosure process.

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