Can my wife apply for a home loan without me being on the loan?
Hello, through these hard times, I have steadily my income has gone down in sales. We have a mortgage & are in process of loan modification but that looks bleak. Though we are going through hard times, God has blessed us with a healthy baby boy. We have also managed paying off our credit cards. Now, we are looking at the worse case scenario, foreclosure in our home.
My wife and I have looked into the option of putting down a healthy 20% on a home that we will buy in the near future (will happen whenever the bank kicks us out). My credit will be destroyed by a foreclosure, and my wife is actually in very good standing because the she is not on the loan & she has paid everything on time, student loans, credit card, etc… She makes pretty decent money and should be able to qualfy on a loan that we would like to get.
My questions is, can my wife be the only one applying for the loan without us getting bothered by the bank and actually qualifying for a loan? Like I mentioned, our house probably will go into foreclosure but we have managed to get out of debt and saved up for a house that will be more affordable for us.
I thank everybody who helps me in this matter and if you have any questions, please do let me know.. Thank you & God Bless!
Thanks for your answers.. To answer your question Gregory, at the time we stopped making payments on the mortgage, we had $ 34k in credit card bills. We had our first son and my wife had no maternity leave. We owe $ 540k in the house, now it is valued at $ 380k, maybe less. We have a negative amortization on the loan and our payments come out to $ 3,500+. What I meant to say is 10% down, on a house that would cost $ 250k. So have $ 30k minimum so we woudl finance $ 225k or hopefully less.. Our payments will be cut by half.. My wife is not on the loan, only me.. We bought this house and made upgrades so, we thought price would go up.. Bubble burst and we are down about $ 160k on this property.. So, puting thsi money we have saved into the house we live in, would be pretty much throwing our money away if loan modification with bank does not work.