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  1. #1
    Join Date
    Oct 2011
    Posts
    1

    Default Proof of Hardship, 3 Houses

    My question involves a mortgage in the state of: Florida.
    I purchased a home ("house 1") in my name two years before I got married to her who owns a townhouse in her name.It is being rented at 75% of her montly mortgage.(" house 2")

    Currently we living in my house which is way upside down. She got approved for a home loan and wants to get a home we both like..

    If we purchase "house 3" under her name. Can I short-sale House1 without it affecting her credit and houses 2 and 3.?
    Do I have to prove hardship or change in my situation? Would marriage and an upcoming baby fit that circumstances?

    We file tax together and plan on having a baby soon. Both are currently working.But when baby comes, I will be the only primary provider. I want to sell "house 1" but Im upside down.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Proof of Hardship, 3 Houses

    Your credit is not her credit. Obviously if your credit tanks that could affect joint credit applications.

  3. #3
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: Proof of Hardship, 3 Houses

    Wanting to walk away from your previous choices and buy a new (toy) house, is not hardship, it is irresponsibility.

  4. #4
    Join Date
    Feb 2010
    Location
    CT & IL
    Posts
    5,273

    Default Re: Proof of Hardship, 3 Houses

    I hope that the OP knows that house prices may go down 20-25% in 2012....so why buy now? Wait.

    If house #3's value is greater than 1 & 2 combined then the OP would save $$ by waiting.

    Why not sell house #1 and pay off the remaining mortgage? Or you want to do the popular "I can't pay" and walk away?

    You think your house is the only one that lost $$ .. think again. I would like to sell mine at the small loss and wait out 1 yr but ya gotta live somewhere & the spouse doesn't want to rent.

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