Free trader agreement


#1

Don’t know much about free trader agreements, but as someone heavily involved in the real estate industry several years back, I can tell you that until you are divorced, you are married as far as mortgage companies go.

Laws on separation/divorce, distribution of debts/assets, and liability vary greatly from state to state. There are many mortgage agents who will not even touch someone who is going through a separation/divorce until after the divorce is final because of the potential for trouble should the situation become acrimonious. Agreements are protections, but they are not necessarily invincible.

Until the divorce is final and the property/assets/debts distributed, nothing is set in stone. They are looking after their bottom line to make sure that they don’t get caught in the crossfire should the agreement get tossed aside in court.


#2

I don’t care if he buys property, I’m concerned my credit was used without my consent – I’m beginnng to unravel the mess – his g/f gave consent on my behalf!!!


#3

suzeqho…I really sympathize with you, but it really is a common practice for mortgage companies to do this.

However, if his GF gave consent, then you may have something related to fraud there. Not sure. Helena?


#4

This is really tricky because until you are divorced, you’re technically still married. Plus anything jointly owned (loans, credit cards…) are going to come up on his report anyway. If he has your ssn and tells the folks he’s still married, then I’m not sure what they do with that or if that’s illegal.

HOWEVER, if the GF acted in your place by giving consent to use the info OR acting like she was YOU…that seems like fraud. You know you can put a fraud alert on your credit reports that would require anyone to call you if your credit is being used for any type of purchase or opening up any account.


#5

Yeah, I agree. Get a block on your credit…IMMEDIATELY.


#6

Yea, I put a fraud alert on my credit immediately – bottom line is if I do anything to him there goes my alimony and he knows it – the really scary thing is what she can do, she knows my birthdate, ss#, etc and you just never know, I’m trying to check everything. The most satisfying feeling is that it will catch up with them one day. Thanks for your responses. It’s great to vent a little, LOL!!!


#7

Unfortunately, I am not familar with the internal practices of mortgage companies. Was the debt put in your name?

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#8

If you have fraud alert on your credit reports, you will know if someone tries to open an account using your information. If the gf DOES try and succeed, then she is guilty of fraud and punishable by law. If the property he aquired in AZ has your name anywhere on paperwork (or worse-a signature that is supposed to be yours), then it sounds like that was done via fraud also.

What did you mean that if you did anything, there goes your alimony and he knows it?


#9

I have not been able to obtain any paperwork relating to the loan – loan officer is not very agreeable to answer any questions. She is not willing to say if someone authorized it or what, I have numbers to call for the legal office of the mortgage company. I understand about the loan, FHA needed my debts for his ratio – but with a separation agreement with a free trader agreement stating he could obtain a loan without my consent as being unmarried, somebody screwed up somewhere.

He forged the stimulus check (it was made out to both of us), deposited into his account, said he was keeping it, I finally got my half; this is what makes me suspicious of the loan and my credit check, etc. – he has told me he knows I can’t afford to take him to court because I can’t live without the alimony and I don’t have the money to take him to court. Loan officers for this company have said there should never be a situation when authorization isn’t obtained either written or verbal, so verbal would be most likely since they had my signature on the SA and he knew I wouldn’t agree to it.


#10

We have a separation agreement and a free trader agreement. My ex purchased a house in AZ, however, the mortgage company ran a joint credit report for him to obtain an FHA loan. Is this common practice with a free trader agreement?