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| Hi, we are a family of 6 (4 kids), we own our own home but have had a sudden change in circumstaances. Hubby has been laid off work due to sudden health issues, we have had to go onto benefits, we ... |
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Ok so to explain more....
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| What does undergoing processing mean? |
| i have sent an application for a house and there reply was my ... |
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delisa | How will his bankruptcy affect my great credit when we get married, especially for home-buying? |
My fiance declared bankruptcy with his ex-wife about 4 years ago. I have great credit. What will happen when we get married? Also, we would like to eventually buy a house. Should I try to do it alone with my great credit before getting married, or after marriage with twice the income but his history? Any insight would be great. |
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BK Paralegal
 |
Blah blah blah! I am so tired of hearing that same old tired lie about bankruptcy ruining credit. Did you know that Bankruptcy is one of the few laws we have in our society that is actually based on foregivness, and not revenge?
As a paralegal for a bankruptcy firm, and a law student, I can tell you (as well as from personal experience) you have nothing to worry about. Your fiance's credit should not affect yours in anyway, and I applaude him for taking the steps in filing bankruptcy. I am sure that at the time he filed, he did not want to file, nor did he plan on it! Bankruptcy is not a crime, it is a right-so, God bless America! At least you know that he will not be bringing into your new marriage a ton of bad debt!
And yes, while the bankruptcy will show on his credit for ten years, it generally takes a year from the time of discharge for the debtor to re-establish his credit. Let me tell you the look of surprise in my new husband's eyes when I recieved my platinum visa a year and a half after my discharge! I have mortgage lenders that our office uses and recommends to clients for buying real estate. Everyone of theses lenders have told me that they can get someone into a house a year after the bankruptcy discharge.
While his credit will show bankruptcy for ten years and for some lenders that may be enough to lower your husbands score with their lending companies for buying a house, the best thing to do is check and see if you can get the rate you want with your husband on the loan or without. By having your husband on the loan, you are showing his income, which insures that you may be able to get more moneyto buy a house with a higher interest rate, or on the other hand, you may decide that with your income alone you can get the house you want, and the interest rate will be better. I would think though that after four years, your fiance should be able to do pretty much anything-
So good luck, and I say enjoy your new life together~!
BK Paralegal |
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terri_d461
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Like Suzy Orman says, "you are marrying their credit". So, what ever his credit information looks like, it will be yours once you are married. Think twice before marrying someone with poor credit. If it's true love, wait to marry until his credit history is free and clear and good. And remember there are always two sides to the same story. Be careful he was not the cause of the bankruptcy. You may find yourself in the same boat in the years down the road. |
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Micki
 |
His bankruptcy will do NOTHING to your credit. Also, it is common that a married couple will buy property with one of the spouses omitted from the loan but included on the deed. It's also very common for one spouse to have great credit and the other spouse will not have great credit. Plus, if the bankruptcy was discharged four years ago, those items should reflect a discharge through bankruptcy and the lender will not consider them, especially since it's been four years already. If he has acquired a lot of bad debt since then, then there will be a slight problem. Homeownership is different than before. There are so many programs and incentives that it is not as hard as it was before. Be happy, get married and don't worry. Email me directly if you have any "mortgage" questions!!! Congrats! |
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Brian M
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The lender in any of your transactions will review both of your credit histories and throw out his. They will probably ask that his name not be signed on the loan document, and they won't let him sign until he has repaired his credit history. They also will not accept his signature as a bona fide under-signature. If you are already married, the lender will allow his name on the title, but will not allow him to sign the loan, which will be based only on your credit, your salary, and your name.
If you apply for a credit card together, it will be automatically turned down because of his record and you will get a smudge on your credit record for being turned down for credit, B. |
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Jill&Justin
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His credit will not affect yours unless you get a joint account of some kind. When you apply for a mortgage, work with someone (not filling out forms online). A human being can note the previous situation (a computer cannot). |
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whistler
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I would buy before you get married. Once you get married, his credit problems become your credit problems. |
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detecting_it
 |
I can speak from experience with this one. When I got out of the Military, I found my soon to be X wife ran up a lot of bills while I was overseas. I thought, no big deal. But, when I re-married, we could not use my income for any loans because of my credit. So even though we both worked, credit-wise, we were limited to what my wife made, and strapped to her income v.s. outgo alone. His bad credit won't hurt YOU, but his income won't help either. |
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Richard M. Johnston, Realtor
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Hello Delisa,
But the house under your name. If your married, the lender will require him to sign a quit claim deed. I recommend you speak with an attorney, accountant, and financial adviser before you do anything related to real estate. |
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diverj
 |
Don't apply for joint credit and buy the house using your credit and a reduced income documentation loan if need be. You'll obtain the best rates using your good credit. I would not rush to buy a house before you get married, you will still qualify after you have tied the knot. Your future husband can be added to title in most cases so that he can still legally have an interest in the home that is financed only in your name. |
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bucksolutions1
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Keep you stuff separate from his and if you get a credit card don't say you are married because it makes you liable for the other persons debt. Your best bet would be to get the house before your married and have it in your name instead of his. If his credit has been good since the bankruptcy he should have his credit built back up since then. Have him pull his credit from all three credit bureaus and his score and find out where he stands with his credit. If his credit is good and his score is over 700 you will get a good interest rate either way. And congrates to you on having excellent credit. It wouldn't hurt to check yours either because of how much fraud is out there and knowing your credit and your score will help you in getting the best interest rate from the banks. |
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