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ChangiBear
Posts: 60
Registered: ‎03-18-2012
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effect of non-purchasing spouse's delinquent mortgage

Hello everyone, does anyone have experience or knowledge of how or if my husband's delinquent mortgage may affect me in underwriting?  I am not on his mortgage (he's had it for 10 years) and he will not be on the mortgage for the new house.  We live in Florida, which is not a community property state, if that makes a difference.  

Thank you for any info.

Cleared to Close on 9/9/13!
Closing on 9/17/13

8/31/12 FICO 733 (lender pulled)
1/7/13 Transunion 718, Equifax 710 (MyFico)
2/20/13 Equifax 729
8/13/13 Ex 751, Eq 766, TU 741 (all lender pulls)
New Contributor
ChangiBear
Posts: 60
Registered: ‎03-18-2012
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Re: effect of non-purchasing spouse's delinquent mortgage

Oh, I forgot to mention that I'm going conventional with Chase, but if that falls through then I'll go FHA with Chase, Mortgage Lenders of America, or TBI mortgage.

Cleared to Close on 9/9/13!
Closing on 9/17/13

8/31/12 FICO 733 (lender pulled)
1/7/13 Transunion 718, Equifax 710 (MyFico)
2/20/13 Equifax 729
8/13/13 Ex 751, Eq 766, TU 741 (all lender pulls)
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StartingOver10
Posts: 4,575
Registered: ‎03-06-2010
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Re: effect of non-purchasing spouse's delinquent mortgage

Won't affect it since Fl is a non-community property state. You aren't on the note, mortgage or deed of the other house, right?

 

 

New Contributor
ChangiBear
Posts: 60
Registered: ‎03-18-2012
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Re: effect of non-purchasing spouse's delinquent mortgage

Thanks for the response.  No, I'm not on the deed or note or mortgage.  He got it before we married.

Cleared to Close on 9/9/13!
Closing on 9/17/13

8/31/12 FICO 733 (lender pulled)
1/7/13 Transunion 718, Equifax 710 (MyFico)
2/20/13 Equifax 729
8/13/13 Ex 751, Eq 766, TU 741 (all lender pulls)
Valued Member
BetterHalf
Posts: 65
Registered: ‎12-15-2012
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Re: effect of non-purchasing spouse's delinquent mortgage

I feel better reading this thread, I'm in the exact same situation. My husband bought our house on his own when things were better for us financailly. But now its underwater and the payments are more than we can afford due to various circumstances. He is about 6 months behind right now. I have halfway decent credit and my only debt is student loans  that are still deferred because Im still in school.

I have been prequalifed for a smaller FHA mortgage within my means, and I am making an offer on a home this coming week. Although I have been prequalified, my lender did tell me the final decision is the underwriters, so it could all still fall through. I am not in a community property state, but I am still confused on whether or not they can use my spouses credit or debts when making their final decision. I am hopeful, but still very nervous at this point...

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StartingOver10
Posts: 4,575
Registered: ‎03-06-2010
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Re: effect of non-purchasing spouse's delinquent mortgage


ChangiBear wrote:

Thanks for the response.  No, I'm not on the deed or note or mortgage.  He got it before we married.


I don't know if you are living in his property now or if it is rented.

If it is rented then you shouldn't have an issue.

If you are living in it, the underwriter may ask you what you intend to do with the property since your husband owns it.

 

I have seen people short sell the 'current' residence and then have the other spouse, not on the short sale property, purchase the new property.


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