Zillow Advice: Buying New Homes - will my wifes short sale affect my credit?

some cities have the homestead ...

Wed, 10 Jun 2009 02:59:00 GMT

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

Never Assume because you ...

Wed, 10 Jun 2009 01:30:00 GMT

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.

When the home closes as a ...

Mon, 08 Jun 2009 04:10:00 GMT

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.

Linda, please take a reading ...

Mon, 08 Jun 2009 04:03:00 GMT

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!

when you had your name added ...

Mon, 08 Jun 2009 03:59:00 GMT

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

If you are married to someone ...

Fri, 29 May 2009 17:35:00 GMT

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

You are lucky my friend that ...

Fri, 29 May 2009 17:26:00 GMT

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.