I qualify for mortgage ...my wife has short sale on record till oct preventing her from applying also. so buying house in my name. can be some criminal legal action taken against me in next 12 months....or nothing may happen at all. wife worried they can put lien on house if restitution has to made. or worse take the house?? Can I deed house to wife to put house in her name to avoid all worries....after I buy home/ Im in South Carolina
Obtaining a mortgage solely in your name, if you don't falsify income or assets, and qualify, is no criminal offense. If you weren't on title for the last home, the short sale is irrelevant to you. As far as buying it, then signing yourself off the deed even though the loan is in your name, not going to work. Your lender would be notified of the title change, and the "due on sale" clause in your mortgage could be invoked, meaning you would have to pay it off immediately or risk foreclosure. If you really have concerns over pending legal issues, I'd suggest that purchasing a home may not be in your best interests at this point.