Almost 3 yrs post discharge - currently on title but not morgage

[Florida30]

September will mark my 3 years post discharge. Before I even start considering getting a loan and purchasing a new home, I want to know if my current situation might hinder the loan process. Here is my situation:

Live with partner, mortgage in his name only, both of us on title. I want to get a FHA loan with my income only, then add him to the title later...essentially what we did the first time but reverse. Meanwhile, he plans on filing ch 7 but not until I close on the new home. Adding him to title once he is discharged. We modified his loan but the house is still under water and I can go out get more square feet for the same price of the modified loan payment.

Will my name on the title of a the current home hinder a new loan?

[tobee43]

they do a title search when there is any type of closing, so if you are on there, you are going to show up.

i don't know really if it will hinder your changes of getting the mortgage. i mean who is lending here in florida

i have to go to b of a for a client on a monthly basis. i couldn't believe the interest rates!!! 2.750 on a 15 year fixed and 3.500 on a 30 year fixed. right!!! and who exactly do YOU know getting any of that money LOL!!! i took a picture of it with my phone. then off to wells fargo, the same client, i'm in there having to conduct this business ...this is the truth and sorry a bit OT..but i have to share, i can't help it, so i'm in wells fargo at one of the officers desks doing my clients business and she gets up to get something in the front desk and this guy comes into the bank (her desk was very near the front door) and he sits himself right down at her desk??? i asked him or actually said, i think that seat is taken. he says back yelling.....so loud the entire bank turned around.... i will sit where my ass want in this blank blank blank bank. i want answers where is my mortgage where?? (security PLEASE). but in the meantime i decide to ask him if he's ok. and he proceeds to tell me all the stuff wells fargo is putting his family through trying to get a mortgage and he said he has perfect credit and on and on until security did come and took him right out the door!! only here. so i guess he didn't get his mortgage.

they may ask you why your name is on the title or if you have any ownership, although if the title search company does there job they will see there is no deed with your name on it. i think it's hard to say if you will have a problem. most likely in "normal" times not, but nowadays it seems like the banks find every excuse to say no. (that's why here in florida since there is so much inventory we did an owner financing deal).

best of luck, i'm sure it will turn out well for you!

[ValleYum]

It may well be worth paying a real estate attorney for a bit of their experience in handling your specific situation.

My suggestion would be for you to Quitclaim Deed the property to your partner. Go to your county clerk's office together and file it. Your name will be off the title as soon as it is recorded and therefore won't show up in a title search. (It may take a small bit of time for recording to happen - I don't think it is an overnight event.)

Good luck on your mortgage qualification and happy house hunting.

[Floridagail]

I have been considering FHA mortgage also. I found out recently(my 2 sisters just bought shortsales) the FHA loan required a years proof of rental payments , which I do not have, The USDA loan was exhausting,more hoops to jump thru. After several months and surprizes along the way (shortsale fees not disclosed until end of process) both did get their homes. But both said would nver try again for a mortgage. Credit scores were excellent 740, 760. And my one sister had a bkrpty 2003.

[Florida30]

Good to know about the rental history....luckily I write a rent check to my partner every month that he uses to pay the mortgage and records for 4yrs now....We needed this for part of the loan modification.

Also, considering the Quitclaim Deed but not sure how this will impact if I try to transfer my tax portability in Florida....

[tobee43]

one would think the checks would work fine for proof since they can indicate and will show consistency with your rental payments.

i think Valle has a good point there, maybe try a quit claim and see if that will remove you from the title. since deeds are the written documents that transfer title to property from one person to another. a deed of trust is less like a deed and more like a mortgage: when a lender provides money to a homebuyer, the deed of trust authorizes a third party to hold the title until the loan is paid off. so check to see exactly what type of deed you have now. so really the bank, if your name is on there will/could consider you responsible for the mortgage? but i'm not certain how they would view it.