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Can I purhase a home while I am listed on another mortgage loan?

I am going through a divorce, and until things are settled, I am still listed on my ex-wife's mortgage. I want to obtain my own home. How realistic is this? by sean55680 from Clark, Colorado. Aug 17th 2015 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

So long as you have enough income to service all the debt including both mortgage payments, and you're within the lenders maximum Debt to Income ratios, then yes.. you can purchase another home.. But you will need to wait till the divorce is finalized. Otherwise, your wife will need to sign to allow you to purchase.. Understand that until your ex-wife refinances, sells or pays off the mortgage, you will both be responsible for it, and it will show on both your credit reports. If she misses a payment, it will adversely affect your credit.. Talk to your divorce attorney for specific laws in your state to see what other issues you might deal with.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 NMLS# 226347

Aug 17th 2015
Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,112 contributions

Hi Sean, the only way this would work is if you can qualify for both payments. If not, you will need to wait for the divorce to be final. Then the divorce decree would need to say that your ex-wife is responsible for the property, then you need to show you have been quit claimed off the property. With that you can qualify for a new mortgage and not have to count the old one against you. If you have any further questions you can reach me 303-521-7169 or, best wishes, Sean

Aug 20th 2015
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