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Purchase Post Foreclosure/Short Sale


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#1 teacherintheroom

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Posted 11 February 2013 - 08:19 AM

2 yrs ago, deeded interest of home to wife (amicable divorce) filed in 1/11, final 7/11 - she was to refinance removing my name (she did not - no longer amicable)). She stayed in home - missed payments thru 10/12 - was in foreclosure but home went to short sale in 11/12. What date do I go from as far as qualifying for new home loan?
My credit is great other than her missing payments (whcih shows that I missed payments as well).

#2 pg1067

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Posted 11 February 2013 - 09:40 AM

As a note for any future posts: normal sentence structure and punctuation would be helpful.


2 yrs ago, deeded interest of home to wife (amicable divorce) filed in 1/11, final 7/11 - she was to refinance removing my name (she did not - no longer amicable)).


I think what you're saying is that your divorce was filed in January 2011 and final in July 2011. In connection with the divorce, you deeded your interest in your home to your wife, and your divorce decree required that she refinance the mortgage in her own name. However, she has not yet done so. Correct?

While this is water under the bridge, it is generally far preferable to have any transfer of interest occur simultaneously with the refinance transaction. Transferring interest first leave the transferror with less leverage. The transferror remains obligated under the mortgage without any interest in the underlying property.


What date do I go from as far as qualifying for new home loan?


I don't understand the question. Can you clarify?

#3 adjusterjack

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Posted 11 February 2013 - 10:50 AM

What date do I go from as far as qualifying for new home loan?


You qualify for a new home loan when any given lender says you do.

It has more to do with your credit score and overall creditworthiness and financial condition than any one item on your credit report.

Warning: Legal issues are complicated. Explanations and comments here are simplified and might not fully explain the ramifications of your particular issue. I am not a lawyer. I do not give legal advice. I make comments based on my knowledge and experience. I guarantee nothing. If you act on my comments without the advice of an attorney, you do so at your own risk.


#4 Guest_FindLaw_Amir_*

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Posted 11 February 2013 - 11:09 AM

Did you discuss this matter with a local loan officer regarding the date you will qualify?




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