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Attention real estate guru's!?
I am in the process to short sale my home. I bought this home before I got married and the loan and deed are in my name alone. My wife at the same time is trying to buy a house we can afford for us to move into. My questions are this:
1. Can I be a co-borrower on my wife's loan to help us qualify while still maintaining a good interest rate for her? Will she still be able to claim it as a primary residence even though the short sale on my home is not complete yet?
2. Since I'm short selling my home if I have a new property I am co-borrower on can the bank from the first home put a lien on my new home?
Thanks for anyone who can help!!!
LaJolla, I don't think your response answers my quesitons. Are you saying my wife will not be able to get a loan as well? Eventhough she was not on the original loan or deed? Or are you just saying it's worthless for me to try to be a co-borrower to help with her loan?
Lastly it doesn't answer the last question as well.
2 Answers
- Anonymous1 decade agoFavorite Answer
guru's please... lmao..
1. no, to the first part of your Q.. and yes, to the second part of your Q.
2. doubt it.. Bush is the one that signed the mortgage forgiveness act.
- 1 decade ago
Short selling your home is going to hurt your credit for about 3 years. With all of the rules and regulations these day it will be very difficult for you to get a loan.
