Profile picture for GemaRome

Can my husband still buy a house for us?

I bought a house on my name. My husband's name was only on the Deed, not on Mtge. Lost my job, then, after 6 years of perfect mortgage payment, our budget crashed and asked for modification. Never got it. Eventually I was forced to file for Bnkrptcy 7. The house was foreclosed. A lawyer said my husband could still buy a house because legally he wasn't ascribed to MY mortgage, but the Bank didn't approve him because his license had my home address being on foreclosure. He already changed addresses but we still doubt it'll be the end of it. What would be the best solution to this problem? Thanks a million

  • May 05 2011 - Tampa
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Answers (4)

Profile picture for wetdawgs
What is your goal?   

As your husband's name was on the deed, your husband's name is associated with a house that went into foreclosure. 

Renting sounds like an excellent idea right now! 


  • May 05 2011
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Profile picture for angelil
I concur with the last agents response. From my trusted friend in the mortgage business Justin Miller, on his site milleronmortgages.com here is a quote from him on his blog:

Being a Mortgage Bank we have access to many different lenders which enables us to be able to do a lot more than your traditional bank. At the end of the day you will want to make sure you are dealing with an expert tells you what I am about to explain.

It's probably best to break the policies down based up what type of loan you are getting so let's start with a government loan. For a Chapter 7 bankruptcy typically you will need it to be discharged for 2 years. Less than 2 years but not less than 1 year may be acceptable if you can show that the bankruptcy was caused by extenuating circumstances beyond your control that you can document and have since shown you can manage your finances. This will be to the underwriter's discretion. For a Chapter 13 bankruptcy you need 1 full year of payments made on time, get written permission from the court to buy a home, have no delinquencies, and an explanation. Lastly, with a foreclosure, short sale, or deed-in-lieu of foreclosure you will have to wait 3 years from the date the property was sold. It's not the date that the bank forecloses and takes back the property from you. It's the date that they dispose of it after taking it back from you.

Conventional loans are different and I am going to give you the guidelines when putting 20% down. For a Chapter 7 Bankruptcy you will have to wait 4 years and 2 years with documented extenuating circumstances from the discharge date. For a Chapter 13 you will need to 2 years from the discharge date, 4 years from the dismissal date, and with extenuating circumstances it will be 2 years from the discharge or dismissal date. A Foreclosure is 7 years from the completion date as described above and 3 years with extenuating circumstances. A Deed-In-Lieu of Foreclosure and a Short Sale require 2 years.

The credit score requirements for government and Conventional loans vary among lenders. Many are 620 for Conventional and a lot are going to 640 middle credit scores for government loans. That is subject to change."

  • May 05 2011
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He is attached to that house and the foreclosure.
  • May 06 2011
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It seems like you have not too many choices. I would recommned to get in touch with a good mortgage broker that will guide you.
Mortgage brokers have access to many lending institutions and based on your husband's income, credit score, your recent bankrutpcy etc will advise you when eventually your husband will be able to qualify for a new loan.
Good luck!
  • May 06 2011
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