How hard is it to buy a Prop in your spouses name?

[Ryan Johnson]

I bought a home during the tail end of the bubble in Ca prior to getting married. The home is titled in my name only, I got married shortly after I bought the home in which I am $125K +/- underwater with.

When I bought the home originally, my intent was to get married, start our family and within 4-5 years buy something larger for our growing family in an area with better schools. At the time I could not afford to live in the area I wanted too, with the better schools, but could today.

I tried to sell my prop short this past winter and had two offers, two BPO's and thought all was good & done when the bank came back and didn't approve the SS stating it's not a hardship for me.

I've decided to let the property go unfortunately as the bank is unwilling to work with me. I cannot afford to rent my home as market value for rents on my sized home would have me throwing $600-$900/ month to cover the difference on the mortgage. Plus I am worried a renter might damage my home where I would have to spend big $$$ to repair while I still had no equity in the home loss/ loss situation.

My question is this, I know my previously pristine credit will sink like a rock thrown from a 10 story building, but realistically how hard would it be to buy a Home or rent a place by just using my wife's credit for the next 7-10 years while I re build my credit.

I was told I technically could have my wife purchase a home with 20% down. The downside is she make considerably less than I so that would effect what kind of home we shop for.

Any help greatly appreciated in advance.