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will my wifes short sale affect my credit?

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will my wifes short sale affect my credit?

arrellano
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arrellano

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THE MORTGAGE IS UNDER HER NAME, NONE OF MY INFO. WAS USED IN APPLICATIONS. SHE BOUGHT BEFORE WE GOT MARRIED. I DID ADDED MY NAME TO THE TITTLE OF THE HOUSE WITH THE COUNTY AND HAVE BEEN FILING TAXES AS MARRIED. IM TRYING TO BUY A HOUSE USING MY INFO. ONLY. ALSO IM STILL CONSIDERED A FIRST TIME BUYER. THANKS TO ALL WHO RESPOND

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May 29 - Riverside

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Mary Lou Avila, "Mary Lou Avila"
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Mary Lou Avila, "Mary Lou Avila"

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some cities have the homestead clause and if you are already paying taxes as married man and have a title on your name, You will not be able to buy a home as first time buyer because you already have a home! even thought the mortage is under your wife's name

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June 09

Terry Osburn, "PawsitiveRealEstate"
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Terry Osburn, "PawsitiveRealEstate"

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Never Assume because you were not on the loan that the default will not affect you. Always check with an attorney. Whether by error or as a matter of fact, due to your being married could affect your credit.
I would also monitor your credit report over the next year.
Especially since so many errors have been showing up on credit reports.

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June 09

Linda Strasberg, "L Strasberg"
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Linda Strasberg, "L Strasberg"

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When the home closes as a short sale (aka an amount lesser than what is owed to the lender(s)) transfer of title to the new owners must be made and recorded by all parties on the deed! No you are not a first time home buyer. When you added your name to the deed of your spouse's property you became a home owner. She could remove your name from the deed prior to the short sale closing. Check with an attorney.

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June 07

Roberto Ribas, "azrob"
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Roberto Ribas, "azrob"

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Linda, please take a reading course!!! It helps to read/comprehend the questions before you answer them!

Yes, he became a home owner, but he did not become a party to the loan. Thus, the loan default will not likely show on his credit!

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June 07

Linda Strasberg, "L Strasberg"
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Linda Strasberg, "L Strasberg"

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when you had your name added to the title...you became a homeowner

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June 07

Michael Emery, "MikeEmery"
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Michael Emery, "MikeEmery"

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If you are married to someone who currently owns a home, you are not eligible for the First Time Home Buyers Credit (unless this home has not been your principal residence for past three years).

S4. If husband and wife wanted to sell the home that the wife owned when they got married, and the husband had not owned a home within the past three years, could he qualify as a first-time homebuyer for the credit even though the wife would not qualify?

A. No. The purchase date determines whether a taxpayer is a first-time homebuyer. Since the wife had ownership interest in a principal residence within the prior three years, neither taxpayer may take the first-time homebuyer credit. Section 36(c)(1) of the Internal Revenue Code requires that the taxpayer and the taxpayer's spouse not have an ownership interest in a principal residence within the prior three years from the date of purchase. The husband may not take the credit even if he filed on a separate return.IRS.gov

http://www.irs.gov/newsro ... 4,00.html

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May 29

DanMabTay
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DanMabTay

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You are lucky my friend that your name is not associated with your wif'e's, I am assuming, poor credit now. You should not have problem buying a house under your name if your wife does not get added to the application. She is radioactive for a few years, unfortunately. Good luck to you. You should be getting an $8000. bonus from Uncle Sam as well for buying in 2009.

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May 29

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Question will my wifes short sale affect my credit?

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June 09

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