Housing Advice
 Talk About Marriage
  The Marriage Advice and Relationship Help Forums
Forums - For Therapists - Link to Us - Advertise  

    A Public Forum Provided by The Family & Marriage Counseling Directory
Register FAQ Community Search Today's Posts Mark Forums Read

Considering Divorce or Separation If you're considering divorce or separation, this is the place to talk.

LinkBack Thread Tools Search this Thread
Old 10-03-2011, 10:53 AM   #1 (permalink)
Registered User
Join Date: Aug 2011
Posts: 15
Default Housing Advice

I mentioned the difficulty in finding housing in a previous post. Well, the difficulty continues. I just got off the phone with a loan officer for BBT bank. Because the mortgage is in both my name and his name, and is therefore on my credit, my debt to income ratio is too high and I do not qualify for a home loan or a credit check for a rental (eventhough I have great credit and the income to cover rent/ mortgage). Which means, that I cannot safely find a legitimate place to live until I have a separation agreement, but I don't want to pursue a separation agreement until I have some place to live.

My one option is to get 100% financing for a 4.75% 2-year adjustable ARM through our local state employees credit union. I have a relationship with the bank, all my other accounts are there, I wouldn't borrow more than I can float even at a higher interest rate, and the loan is guaranteed not to increase more than 1% at the 2-year mark. It is an ARM, but I would like to think that I can refinance sooner rather than later, they will loan to me (granted, significantly less money) with the other mortgage on my credit, and hopefully by closng (6 weeks from time offer is accepted) I would have the separation agreement in hand and husband would be responsible for the old house and mortgage. I ran this by two people who said I was insane to get an ARM when fixed rates are currently 3.5% and I may not be able to refinance in two years. However, none of the 3.5% lenders will even start an application with me due to the old mortgage and I can't rent from anywhere legitimate without a credit check that will show I cannot afford a rent payment due to current mortgage payment.

This is so over my head. I don't live anywhere close to family or friends that I can stay with. Does anyone have any ideas, suggestions or experience to help me here?
summerB is offline   Reply With Quote
Sponsored Links

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
What did you do about housing???? brokenmama Going Through Divorce or Separation 7 09-22-2012 03:02 AM
Separation with Kids, Housing Alternative DiscoveringJAH Life After Divorce 11 04-23-2012 08:39 PM
Housing legality question? sam Going Through Divorce or Separation 6 03-15-2010 03:24 AM
Second marriage housing expense conflict Linda3775 Financial Problems in Marriage 5 11-24-2009 01:48 PM

Member Area

Find a Therapist:

Sponsor Ads

Sponsor Ads

Get The Family & Marriage Counseling Directory Help Guide via Email:

All times are GMT -5. The time now is 07:14 AM.

Copyright 2007 - 2013 © Talk About Marriage