Can my wife buy a house under her name only if I file for BK7 by myself?

[dirkdigler]

hello everyone,

I will be filling for bk7 by myself within the next 2-3 months, I have a house under my name only (which I dont plan to reaffirm, its under water by $110k) and credit card debts also under my name only @ $55k (I had the house and cc debts before we got married).

Can my wife buy a house under her name only? (my parents will be gifting us the 20% down payment). We've been told by someone that the lender wont let her buy a house under her name only if were married (we live in california), they'll have to run both our credit and put the deed under both our names, is this true?

We've also been told by a realtor that she can buy a house under her name only as long as her credit is good enough and she has the down payment needed. Which one is true?
We've also been told that the lender might possible just consider my income and they dont have to run my credit if my name wont be on the deed.



Thank You For Your Time.

[despritfreya]

All are correct. Qualifying for the loan(s) is at the whim of the lender. If the lender wants both of your financial info you will have to give it or find another lender. There is no stead-fast rule.

However, I would recommend that what ever you do, you do not do it until after you file. If the property is titled to you (and the Mrs.) and is purchased prior to filing, it is an asset of the estate and, since you can only homestead one property, if there is equity (presumably the 20% down) the 7 Trustee could sell it out from under you. Further, do not run the "gift" through your (or your wife's) bank account. It should be paid directly to the escrow company.

Des.

[LSUTiger32]

All are correct. Qualifying for the loan(s) is at the whim of the lender. If the lender wants both of your financial info you will have to give it or find another lender. There is no stead-fast rule.

However, I would recommend that what ever you do, you do not do it until after you file. If the property is titled to you (and the Mrs.) and is purchased prior to filing, it is an asset of the estate and, since you can only homestead one property, if there is equity (presumably the 20% down) the 7 Trustee could sell it out from under you. Further, do not run the "gift" through your (or your wife's) bank account. It should be paid directly to the escrow company.

Des.

Good stuff here for you. I know I have done it with a car (me on the loan, both of us on the title) but houses are different. The only thing I can tell you is that in Louisiana where I live I did buy a house (a rental) without my wife. She had to be at the closing and sign a paper that said she knew about the purchase and wanted nothing to do with it. Therefore, she was not on the loan or the title. That may be an option for you, check with a good closing attorney and ask about that.

[ABC]

All are correct. Qualifying for the loan(s) is at the whim of the lender. If the lender wants both of your financial info you will have to give it or find another lender. There is no stead-fast rule.

.

Sorry, but in CA only Govt loans (FHA, VA, USDA) require you to supply a spouses credit report. This is usually only to count the total debts.

Conventional loans DO NOT require a spouses credit report.

Also, NEVER listen to a Realtor on anything regarding a mortgage. They are not licensed to do mortgage typically (new rules called NMLS) and they should not be advising anyone on a loan program.

[AngelinaCat]

However, if you are in a Homestead State, depending on the laws of your state, your name might have to be on all the paperwork involved, whether you like it or not.

You had best consult a real estate attorney. And yes, do NOT believe ANYTHING that a realtor might tell you in this economy. They want to sell property!! If you do, well then, let the buyer be aware....

[LSUTiger32]

However, if you are in a Homestead State, depending on the laws of your state, your name might have to be on all the paperwork involved, whether you like it or not.

You had best consult a real estate attorney. And yes, do NOT believe ANYTHING that a realtor might tell you in this economy. They want to sell property!! If you do, well then, let the buyer be aware....

This is why my wife had to sign a paper stating she knew of it and she didn't want anything to do with it. This is because Louisiana is a community property state.