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My wife and I made an offer to buy a house with both of our…

Customer Question
My wife and I...

My wife and I made an offer to buy a house with both of our names listed. My credit is poor, and so the bank said they would allow the loan in her name only. Should the contract now be in her name only?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Indiana

Lawyer's Assistant: Has anything been filed or reported?

No

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Not really

Submitted: 4 months ago.Category: Legal
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Answered in 4 minutes by:
11/26/2017
Lawyer: Roger, Attorney replied 4 months ago
Roger
Roger, Attorney
Category: Legal
Satisfied Customers: 31,940
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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Hi - my name is ***** ***** I'll be glad to assist.

The contract can be in both of your names......also, your name can be on the deed to the property as well, even if the loan is in her name alone. The lender may request that you sign a hypothecation agreement (acknowledgment that your interest in the property is being pledged to secure the loan) and the deed of trust, but that should not be a big issue.

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Customer reply replied 4 months ago
Another part of this is that we now think we are going to have trouble affording this house and would like to get out of it. If the contract lists both of us as the buyer, but together we will be denied the loan, is that a possible out?
Lawyer: Roger, Attorney replied 4 months ago

If the contract is contingent on financing, and if you cannot obtain financing due to your joint credit application, then it could be a basis to cancel the agreement.

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Lawyer: Roger, Attorney replied 4 months ago

Please let me know if you need anything further. Also, please take time to positively rate our conversation so I may receive credit for assisting. Thanks again!

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Customer reply replied 4 months ago
Thanks, ***** ***** my wife can get the loan with her alone on the mortgage, would we have to go that way? That is the path we were headed down.
Lawyer: Roger, Attorney replied 4 months ago
If you both signed the contract, and it says that the agreement is contingent on financing, then you should be in a legitimate position to claim that the contingency is based on a joint application for approval. It doesn’t seem likely that the seller could demand that one of you apply alone to get the financing approved.
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Category: Legal
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