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
New 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 www.annualcreditreport.com. 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.
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
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