QUESTION
Can my husband buy my house? He is not on the deed or the loan.
Asked on Jun 25th, 2012 on Real Estate - South Carolina
More details to this question:
I bought a home in SC in 2006. I do not qualify for a re-finance because of credit issues. I tried to loan modify, but I don''t fit any of the criteria. My husband is not on the mortgage or the deed.
1 ANSWER
Real Estate Law Attorney serving Anniston, AL
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Your existing mortgage almost certainly has a "due on sale" clause. That is a clause that says if any interest in the property is sold without first getting a written consent from the lender, the sale is a default under the mortgage and the lender just might foreclose. Unless you can get such consent, I don't recommend it.
If your husband has good credit, perhaps he can purchase the property and accomplish a refinance at the same time.
Answered on Jun 26th, 2012 at 8:46 PM