Could would lose the house?

my wife and I are looking to buy a house, but our scores are too low.  her father wants to fully sign on the house but put it in our names.  he is currently going through a divorce.  if he buys the house for us, is there something that we can do to keep her mother from getting our house in the divorce?

Asked over 8 years ago in Dover, New Hampshire
Categories: Real Estate  Family

Answer Now

John F. Skinner, III

Answer by John F. Skinner, III

VerifiedNew Hampshire lawyer

First, congratulations on your ambition to buy a home, it is a rewarding and worthwhile endeavor. 
HOWEVER, I must caution you against this plan for several reasons.  First, you correctly observe that if the divorce is not finalized, your father-in-law's wife MIGHT have a claim to the house.  In addition to that, however, there are most likely a host of mortgage lending rules and regulations that could be at a minimum "bent" by this plan.  Finally, as a lawyer, we are paid to plan for the worst.  I wish only the best for you and your wife and your father-in-law.  On the other hand, if there is some kind of "falling-out" between you, or financial hardship, you don't want your home to subject to that family strain.
My recommendation to you is to obtain copies of your credit report, for free, at ; Then either hire me to review and potentially clean-up the report, thereby increasing your score, or do some research online into the FCRA and go to work improving your credit on your own.
You probably want to get an FHA loan and mortgage lenders typically only require a credit score somewhere in the 600s for that.
If you insist on moving forward with your orginal plan, please consult a local real estate attorney and have ALL parties sign documents consenting to the arrangement. This must include your father-in-law's future ex-wife.
Good Luck!

Posted over 8 years ago

Atty. John F. Skinner, III Skinner Law PLLC & CLASS, Consumer Law Advocacy Services 27 Lowell Street, Suite 301 Manchester, NH 03101 Tel: 603.391.5668 Fax: 888.912.1497

NO ATTORNEY CLIENT RELATIONSHIP IS FORMED BY THIS POST. Please note that this is for informational purposes only and does not constitute legal advice to you. Legal advice pertaining to your particular situation can only be given by a lawyer who has met with you to obtain all pertinent background information necessary to give you a formal legal opinion. For formal legal advice, hire a lawyer (many give a free first consultation). Search the Lawyer Directory, or use Lawyer Connect. This post may be considered Attorney Advertising. Skinner Law PLLC is responsible for its content.

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