Divorce to get a mortgage

[options11]

Not sure if this would actually work, but I thought it would be a clever idea. Probably stupid though. 1 1/2 years ago I went through a short sale. My wife was not on the mortgage therefore is able to currently obtain one. The problem is she doesnt make enough on her own to get a decent loan amount. We also are not able to get a cosigner for her. So my question is, if we get divorced on purpose and I pay her alimony will this count as income and in turn allow for a bigger loan? If this would work are there any stipulations? I'm really not in favor of this idea, but I'm out of ideas at this point and we need a house. Please help

[DallasLoanGuy]

not so sure it is ethical.....

i cannot opine

[scvbd99]

---

@DallasLoanGuy wrote:

not so sure it is ethical.....

i cannot opine

---

He's dealing with a bank, so I think the amorality equals out.  

No clue if it would work, though.  

[DallasLoanGuy]

---

@scvbd99 wrote:

---

@DallasLoanGuy wrote:

not so sure it is ethical.....

i cannot opine

---

He's dealing with a bank, so I think the amorality equals out.  

No clue if it would work, though.  

---

right, he is dealing with a bank.... who might consider the unethical behavior a little more like fraud. A Federal Crime.

my point is:  you wont see shanethemortgageman or brian  the loan professor offering any advice on a scheme like this. shady deals are shady deals.

Mortgage fraud is a crime in which the intent is to materially misrepresent or omit information on a mortgage loan application to obtain a loan or to obtain a larger loan than would have been obtained had the lender or borrower known the truth.    -  Source: Wikipedia

[scvbd99]

---

@DallasLoanGuy wrote:

---

@scvbd99 wrote:

---

@DallasLoanGuy wrote:

not so sure it is ethical.....

i cannot opine

---

He's dealing with a bank, so I think the amorality equals out.  

No clue if it would work, though.  

---

right, he is dealing with a bank.... who might consider the unethical behavior a little more like fraud. A Federal Crime.

my point is:  you wont see shanethemortgageman or brian  the loan professor offering any advice on a scheme like this. shady deals are shady deals.

---

Unethical?  Fraud?  Shady deal?  

Good thing banks aren't ever guilty of this.  

It helps to own congressman that create legislation to protect them from litigation for committing everything you just said and worse.  

Anyhoo, I understand why loan officers and other loan pros wouldn't want to comment about it due to "ethics."  It's just hilarious that anybody in the idustry says the word with a straight face.  

[Darrell82]

Things like this though are the reason we have to put and prove every little dollar to them and go through this huge process to borrow money cause people like to play with the system to see what they can get by with.

Not so fair to use that walk the straight line regardless of the politics of it all. And my opinion some people put thereselves into a shady deal when they dont go over every aspect of there contracts.

Just my 2 cents 

P.S. I dont think that is a good idea at all . Because they go through everything with a fine comb and if you get caught good luck cause like DallasLoanGuy said that is fraud. Rebuild like everyone else and earn that new house back. Good Luck

[madmann26]

I recommend this thread be locked as parts of it look to violate the ToS.

P.S. It is unethical.

[tony46231]

I know I probably shouldn't even comment, because this is a little off topic.  But seriously?  This guy wants to end his marriage in a legal sense, just so he can live in a house that he can say his ex wife owns?  Am I the only one that finds this very disturbing, even before thinking about the criminal act that he may or may not be committing?

[StartingOver10]

No, don't do it.

As pointed out earlier it is fraud (material misrepresentation).

Plus, it is better for you OP to rebuild your credit and your savings as someone up thread mentioned. You can get a mortgage 3 years after the short sale if you get an FHA loan. If you were current on your payments for the 12 months prior to the short sale and during the process, you could get a new mortgage now as long as you can show you aren't taking advantage of market conditions. "Taking advantage of market conditions" usually means not doing or having done a strategic default.

Did you know you can get a conventional mortgage loan 2 years after the short sale if you have 20% or more to put down on the purchase? That would be your best bet rather than trying to do an end run around the rules. Get your large down payment and buy in 6 months more months. The start date is the date the deed transferred to the new buyer and the 'end date' for counting the time period is the mortgage application date for the new loan.

The short sale closed 1-1/2 years ago according to your post. So you only have 1-1/2 years to go. You can do a contract for deed or other similar installment purchase. You can get a private mortgage with enough money down.

Don't go down the road of fraud.

[Revelate]

Thread locked.

As others have suggested this is both unethical and also likely a case of mortgage fraud.

--Revelate, myFICO moderator