Can I buy our house from my wife?

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Can I buy our house from my wife?

This is the case. I am living in the US for almost 3 years. When we bought our house I did not count because of my credit score. My name is on thetitle but not on the loan Now my wife lost her job and I am trying to pay the mortgage. Pure as a stand alone I can qualify for a loan. My question is: Is there a way that I can buy the house from my wife and so get a lower payment and the loan in my name?

Asked on June 2, 2009 under Real Estate Law, Illinois

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

I'm not sure that you need to actually buy the house, and I'm not sure it's the best idea, either. It may be that you can simply refinance, either in both of your names or your name alone, which will put you on the (new) mortgage, and (hopefully) lower your payments.

You should talk to a real estate attorney in your area, provide him or her with all the facts of your situation, for advice you can rely on, about the best way to go about this.  One place to find lawyers is our website, http://attorneypages.com


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