[matt8981]

My wife and I live in a house that we can no longer afford due to having two children. My neighbors house is in short sale and the realtor is our other neighbor. The house in short sale is Significantly cheaper and my wife already got pre-approved for a loan in only her name for the short sale house.

Our current house is in only my name on both the deed and the loan. We weren't married when we bought the current house so she isn't on any paperwork at all. However the realtor said that since we are married now I will have to be on the deed to the new house but not the loan.

I live in Florida

If we can't sell our current house and it forecloses what kind of problems could I be looking at with my name on the deed to the new house?

[ScottGem]

Whether you are on the deed for the new house or not is dependent on the lender. Generally lenders do not want people not on the loan to be owners because that increases their risk. For example, if you and your wife are joint owners but the mortgage is only in her name, then the lien would be only on her share of the house which would be less than they are lending.

As for your current house. You may need to shortsale that as well.

[Fr_Chuck]

I am sorry, not sure what "having two children" do with not affording a home , yes I know kids do add costs but unless one over bought and got a loan to large for their budget, even kids would not be an issue.

So do you have a payment or took out perhaps a loan that you can not afford because you failed to budget properly.

** I perfer to get to some basic truths.

So can I assume you wish to buy this other home at a lower price, and then walk away from the current home that you are having trouble making payments on ?

Do you have a first and second on your HOME, or just a first, that will make a very large difference.