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Can a spouse obtain a mortgage loan for a new house while separated in Florida?


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2006-08-21 12:16:33
2006-08-21 12:16:33

Yes, Florida allows married couples to hold real or personal property separate from marital property or assets. The party considering buying property should be certain that they retain sole ownership of funds used for the purchase .


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Not unless your spouse is on the title to the property. If not and your spouse signs, then your spouse will be fully responsible for paying the mortgage.Not unless your spouse is on the title to the property. If not and your spouse signs, then your spouse will be fully responsible for paying the mortgage.Not unless your spouse is on the title to the property. If not and your spouse signs, then your spouse will be fully responsible for paying the mortgage.Not unless your spouse is on the title to the property. If not and your spouse signs, then your spouse will be fully responsible for paying the mortgage.

Yes Watson. But the real question is: can the spouse spouse the home after the reverse mortgage dies live?

Yes. Both parties must sign the documentation when refinancing an existing mortgage. This is to protect both parties from unfair lending practices.

Yes. Your spouse can accuse you of adultery when you are separated. When you are separated you are still married and extra-marital sex is adultery.

You can obtain a divorce the same way you would if you were separated 8 days ago. Just call your lawyer and file for divorce. I'm sure it wouldn't be a problem unless your spouse contests.

The only way to remove your spouse is by refinancing the mortgage. Your attorney may be able to assist you in negotiating with the bank.

you just get it for no reason

A spouse is not added to a mortgage; if the spouse already owns an interest in the property through deed or community property, then the spouse is subject to the mortgage, regardless of whether or not he or she signed it. Note, however, that many mortgages contain "due on sale" clauses which require the mortgage to be refinanced if there is a change in ownership of the property. Contact your bank to see if your loan contains such a clause.

If the separated spouse is still legally married to the debtor spouse and/or co-signed the original obligation while married, yes.

If the mortgage is in your name it would not be affected by the death of your spouse. Mortgage life insurance is coverage that is taken out so that your house would be paid for in the event of your death.

You can refinance without the spouse but you will need their consent to do so. If the spouse is on the title of the home, the answer is "no". If the spouse is on the existing mortgage the answer is "no". If the spouse is not on title you need to indicate on the loan application that you are married, and if you don't is fraud. At the time of closing she/he would have to be present. Inform you spouse of your actions.

At the moment there are very few investors willing to purchase reverse mortgage loans with a non-borrowing spouse due to the AARP / HUD lawsuit. It's advised that both you and your spouse go on the loan together as the reverse mortgage becomes a balloon payment when the last surviving borrower passes.Some helpful reading on this topic here:Reverse Mortgage with Spouse Under 62 Leaves Vulnerability

You are the "spouse" until you are no longer legally married.

If you been separated from your spouse but did it because of abuse do you need legal documentation for that?

A quit claim deed will be rather inexpensive. However, the spouse can require payment to sign the agreement. You cannot remove them without their agreement and consent.Another PerspectiveA quitclaim deed will transfer the interest of the spouse in the property but will have no effect on the grantor's responsibility to the lender or the mortgage. Generally, the mortgage must be paid and refinanced in order to remove a spouse from any responsibility for paying the mortgage.

The options include: stop paying the mortgage and let the bank repossess the house; pay the entire mortgage yourself; divorce the spouse and move out; divorce the spouse and stay, while your spouse moves out; find out why your spouse refuses to pay half of the mortgage and see if some agreement can be reached; seek cheaper housing; go on an extended backpack tour of Europe; enlist in the army. That's about it.

Florida is a Tenancy By The Entirety state when matters relate to married couples. That being the case, a surviving spouse is only responsible for those debts that were jointly incurred during the marriage. If the surviving spouse wishes to retain the home and there is a mortgage, he or she would need to renegotiate the terms with the lender if he or she was not on the lending agreement, the same applies to a vehicle(s).

Depends on what insurance is being carried. Most mortgage holders require individuals to purchase insurance to cover the balance if there is less than 15 or 20% equity being held. If you aren't carrying PMI on the mortgage, you could obtain private life insurance that can be used to pay off the mortgage.

You need to go and see a mortgage broker. However if there is already a mortgage on the house with two signatories, it is unlikely that you will be able to get a second mortgage without the agreement of the second signatory as it will affect their primary mortgage. It will also depend on the property deed. If the land is titled to a single person, that person can obtain a mortgage. Note that a spouse is considered to be on the title even if it isn't printed there in most jurisdictions.

Yes the law allows you to divorce your spouse legally if you are separated from your spouse for a period of five years.

can a spouse still living sale her residence to her spouse for the sum of 1.00 in a community property heir state.

Florida law does not require a separation period before obtaining a divorce. Perhaps you are referring to the Marital Separation Agreement, which is the process of distribution of joint property/assets.

You are two people who are married to each other who are separated.

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