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Private Lending & Conventional Mortgage Advice

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Chandra Whittaker
  • Houston, TX
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Just approved on HELOC & my husband wont sign in Texas. Help

Chandra Whittaker
  • Houston, TX
Posted Dec 12 2018, 12:13
Ok, so I have a house I owned before we got married which was inherited from my grandparents, the house I grew up in. I still have my Homestead on it. We were married last year & he didn't want to stay there. I have finally gotten in a emotional state to rehab & rent. I am scheduled to close on HELOC Friday now he says he is not going to sign simply as a non borrowing spouse. I was also going to use the funds in the HELOC to purchase my next rental. Texas it is a community property state & the bank is requiring him to sign. I spoke to my real estate lawyer today. He suggested since I own a s-corp prior to us being married, deed it to the s-corp, but then I loose my Homestead & my HELOC loan & would have to resort to a hard money loan of 10% instead of 5%. What should I do & I no longer have the leverage of being able to buy my next property either because of closing cost.

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