Legal Question in Credit and Debt Law in Florida
Divorce Mortgage
I recently married for the first time, my has been divorced for 8 years but her house is in her and ex-husbands name, he claims he cannot get a mortgage to buy a house ,until she takes his name off the mortgage or sells the house. We have purchased a lot but will not be able to move for at least another year. she can prove we have paid the mortgage for the last 8 years, so I don't know why he could not buy a house, is there something that prevents a person who has been divorced from purchasing a home. they both have excellent credit?
1 Answer from Attorneys
Re: Divorce Mortgage
Your wife's ex-husband is telling you the truth. In evaluating a potential loan, lenders look at a person's credit score, available credit, all obligations, salary, assets and liabities. Any debt for which your wife's ex-husband has obligated himself to pay is counted against him. Ratios are figured which generally require that no more than 28% of the person's net disposable income be used to pay his mortgage. Until the first property is taken out of the former spouse's name, he will have a very difficult time obtaining a new mortgage unless his income is at such a high level that it will overcome the first debt.
Your wife should consider refinancing the home. Mortgage rates are at a historical low. She may save a substantial amount of money on her monthly mortgage payment.
As in any legal situation, I strongly advise that she consult her attorney for a more detailed response and answers to her questions.
Scott R. Jay, Esq. 305-249-8000
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