| Adding spouse to title after foreclosure good or bad? |
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j
New Poster
Cash: $ 0.70
Posts: 2
Joined: 15 Dec 2005
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| Adding spouse to title after foreclosure good or bad? |
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My husband & I bought a home. I signed a quick claim deed to
not add my name, due to medical collections. We had to fight
to keep out of foreclosure. It did go into foreclosure. We
did a FHA loan modification & continued making payments.
Our payments have been current for 29 mos., only one 30 day,
in 37 mos total.
Should we add me to the loan for credit? I’m still
reestablishing my credit. I'm not sure if this is good. The
loan shows on his credit report as adverse on 2 of the recent
checks. One just shows the number of times past 120 days &
the other also states status/open/current, was a foreclosure.
Whatever, the answer, we would like to secure my right to
ownership. If it is not best credit wise to add me how can we
insure that I have joint right to our home. We are still
making payments. We are planning to submit homestead papers
with both names on that. Yet, currently only his name is on
our home loan.
Thank you,
J.
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Thu Dec 15, 2005 4:30 pm |
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WorkerBee
New Member
Cash: $ 0.80
Posts: 4
Joined: 28 Dec 2005
Location: Phoenix Az
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If the current mortgage loan already shows up on both credit reports and you live in a community property state - it really doesnt matter because if you are married then the property is deeded to both spouses anyway.
What really matters is your FICO Score which in most cases shows on the
front page of the credit report.-Currently the criteria for refinancing out of foreclosure is purely driven by your current DEBT TO INCOME RATIO in combination with the FICO SCORE. Most lenders (depending on what state you reside in) will only look at the last 12 months payment history as qualifying criteria for the new loan. (Check the laws in your state)-in some places you can have your spouse on title with the proviso that they are in no way responsible for the payments-but have right to ownership of the property by virtue of the marriage. Hope this helps some. If you would like to have it (broke down some more) send me a PM.  HAPPY HOLIDAYS
Workerbee
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Wed Dec 28, 2005 5:28 am |
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j
New Poster
Cash: $ 0.70
Posts: 2
Joined: 15 Dec 2005
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 Hi,
Just a little more clarification. I already have gotten all three of each of our seperate credit reports. Each report shows the home mortgage only in my husbands name. As do the records downtown, the recorder's office. Our concern is what would happen if something did happen to him? Would I have to go through probate because I signed off on the mortgage when we bought it (a quit claim) Because of my credit at the time.
We would like to add my name to title. The mortgage company has sent paperwork stating this and asks for a copy of the deed transferring title to both names, as well as social security numbers and insurance.
My still lingering question is... If we do this will my name then show up on the credit report. AND what would this do to my credit? Good or bad?
Is this the best way to add my name to secure my right to our home together?
Thanks,
J.
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Tue Jan 03, 2006 9:27 pm |
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