By Admin on Jul 8, 2009 in Personal Finance
harryw asked:
I have good credit (650-720) but I have very high debt due to a divorce/separation where my ex-wife’s house is in my name. She makes all the payments for it and I cannot get her to sign anything legal for it. So…. all banks are telling me they can’t finance me for another mortgage. I make good money, does anyone know a mortgage company who might actually LOAN me only $12000 for a cheap home I’m looking at?
I have good credit (650-720) but I have very high debt due to a divorce/separation where my ex-wife’s house is in my name. She makes all the payments for it and I cannot get her to sign anything legal for it. So…. all banks are telling me they can’t finance me for another mortgage. I make good money, does anyone know a mortgage company who might actually LOAN me only $12000 for a cheap home I’m looking at?
In your divorce decree, was your ex wife awarded your old home? You might have a legal recourse to get your name of the title and the loan. This will time some time, possibly this will force the sale, unless your ex wife works with you.
Another idea – show your old home as an investment property, that you started renting out this year (that way when rental income is looked at on the tax return, nobody will question it). You will need lease agreements.
If your looking to buy a home for only $12k, honestly with your credit score, you could go to your local bank and take out a secured/unsecured loan against the new property.
Gary H | Jul 9, 2009 | Reply