What options do I have?

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What options do I have?

Postby Alex_00 » Thu Feb 18, 2010 12:01 pm

I'd appreciate any knowledge or advice you can share with me. Here's my situation (just the facts):

My in-laws purchased a home that they never planned on living in for cash in 1995 and allowed my husband (my boyfriend back then) to move in although his name was not on the deed.

After we got married my in-laws changed the deed by taking my mother-in-law off and putting my husband on the deed with is father so my husband had joint tenancy with rights to survivorship.

My name was never on the deed, and there was no mortgage so my contributions to the house went to things like contributing towards the property taxes/insurance, some remodeling, and general upkeep.

About a year ago we separated abruptly - my husband threw me out of "his" house. We haven't filed for divorce yet but we will. I am in an equitable distribution state and so far I have received nothing close to equitable, with the result being that I incurred a fair amount of credit card debt trying to replace the items I left without (things like kitchenware, furniture, bedding, etc.).

In order to try to simplify things for our son and to ensure continuity in our son's environment (school/neighborhood) I want to purchase a home near my husband but unfortunately he lives in an affluent area, so homes are still pricey.

I have no money saved for a downpayment since I am trying to pay off my credit cards. I have had steady employment for 10 years and my credit has been excellent in the past.

I've spoken to a couple of attorneys and they said that the house is a nonmarital asset so I stand to gain nothing from the equity. So - even though I contributed to our housing expenses in good faith I walk away with no savings intact and no equity.

I'm feeling rather desperate at this point so I need to find out if there are any options that might be available for me given my situation. Would anyone be willing to write a mortgage for me given my employment history and credit score, and if so, what would be the minimum I could put down for one of the lesser expensive homes (about $370K)?

Thank you

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Otto Dargan
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Re: What options do I have?

Postby Otto Dargan » Thu Feb 18, 2010 2:08 pm


I'm sorry to hear about what has happened, that sounds terrible. You would either have to have a 10% or so deposit and then you could get a 90% loan or you would need to have a guarantor who would use their house to guarantee your loan in which case you could borrow 100%. I wish I had a better option for you, however the banks make the rules!

Otto Dargan
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