JanetTat2Vixon6
Junior Member
What is the name of your state? NY
My fiance and I are in the processing having the house we are currently living in transferred over to us. We are working on his divorce (he has not been with his wife for over 4 years, just never had the money for the divorce). The current mortgate holder is forclosing on his mom (she owes her $10k is back taxes) and wants us to take over the mortgage. The problem is that we want it in my name since my credit is better, but we wont be getting married for two years but the mortgage holder wants it in my fiance's name (she knows him better so I understan), but he is not divorced so we don't want his wife trying to take the house when he does file for divorce in about 4-5 months when our money situation is better. Also, he co-signed about 7 years ago for his mom on another house and she lost it so that bank told him if/when he ever gets a house they will take it from him so he can't have it in his name for that reason as well. My question is, if we really struggle to get him divorced before signing the house papers to please the mortgage holder, can this other bank that forclosed on the house he co-signed for try to take this one if BOTH of our names are on it? After all, I didn't have anything to do with that other transation. What if we make him the co-signer on this one and name me first? Also, if we did do this before he was divorced, and his wife tried to make claim to it, there is very little equity in the home so what is the worse that could happen? Would the court make him buy her out? Or could they force him to sell based on only like $1,000 - $3,000 in equity? Thanks for your input!
Di
My fiance and I are in the processing having the house we are currently living in transferred over to us. We are working on his divorce (he has not been with his wife for over 4 years, just never had the money for the divorce). The current mortgate holder is forclosing on his mom (she owes her $10k is back taxes) and wants us to take over the mortgage. The problem is that we want it in my name since my credit is better, but we wont be getting married for two years but the mortgage holder wants it in my fiance's name (she knows him better so I understan), but he is not divorced so we don't want his wife trying to take the house when he does file for divorce in about 4-5 months when our money situation is better. Also, he co-signed about 7 years ago for his mom on another house and she lost it so that bank told him if/when he ever gets a house they will take it from him so he can't have it in his name for that reason as well. My question is, if we really struggle to get him divorced before signing the house papers to please the mortgage holder, can this other bank that forclosed on the house he co-signed for try to take this one if BOTH of our names are on it? After all, I didn't have anything to do with that other transation. What if we make him the co-signer on this one and name me first? Also, if we did do this before he was divorced, and his wife tried to make claim to it, there is very little equity in the home so what is the worse that could happen? Would the court make him buy her out? Or could they force him to sell based on only like $1,000 - $3,000 in equity? Thanks for your input!
Di