Posted by admin on 17 Jul 2008 9:27 am. Filed under Credit.
batinara asked:
He is going through a foreclosure process. If we get married in a few months, how can this affect me? I am already affected emotionally and have a lot of doubts in my head.
5 Comments to “How my boyfriend foreclosure can affect me?”
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oj said:
On July 17th, 2008 at 10:55 pm
Yes, once you are married, your credit will essentially be *tied.* In other words, if you want to obtain a credit card or car loan in the next couple years, when they check your credit, it will show your then-husband’s foreclosure. This will affect what you get approval for, and the interest rate you might get.
schlosky_deli said:
On July 18th, 2008 at 10:38 pm
If you get married your credit rating may not be directly affected but you will be considered together for future loans so his poor credit rating will indirectly affect your chance of getting a loan. Due to the foreclosure, I doubt he will have much luck, if any, of obtaining future loans (especially significant ones) for at least a couple years which means you probably won’t either unless you can get one on your own.
Steveo said:
On July 18th, 2008 at 11:12 pm
Your credit history is your credit history and not his. Only when you have a joint account is this not true. If you have separate accounts, then they are not tied. Your credit history is tied to your SS number.
GoodGyrl said:
On July 21st, 2008 at 7:45 am
oj is completely WRONG.
This is a big misconception with married couples and credit. His credit history will NOT, I repeat, will NOT automatically affect yours because you are married. His history will be, and WILL REMAIN totally separate from your history UNLESS you apply for and get loans/credit TOGETHER. If you never do this, then his credit history will not be tied to yours. If you plan on purchasing a home together, and you can not get the mortgage on your income alone, then they WILL have to check and use his credit if you plan on using his income to qualify for the mortgage. Again, unless you have joint debts, there is no “tie” of credit automatically.
On a personal note, if you’re having doubts, ask yourself why. Was he irresponsible with money (i.e. not paying the mortgage when he could have, overspending, getting more house than he could afford)? Is this a pattern with him? Or was it something like job loss or change of financial circumstances that prompted the foreclosure? Consider these factors. Also consider whether or not, regardless of the reason, you want to be limited, possibly, in what you may own and the interest rates you could qualify for because you are married to him (if you want joint loans), or if you can always do things solely on your credit history.
foreclosurefish_com said:
On July 21st, 2008 at 1:58 pm
No, it won’t affect you financially in any way. The house is his separate property in his name only. It will remain in his name only even if he is able to save the property from foreclosure. Unless he transfers it to your name, you will not be involved in any future foreclosure proceedings, and you are not really entitled to any proceeds from the sale of this house.
That’s basically the definition of separate property. Just like if your car was being repossessed, they couldn’t go after his credit score or anything, because you bought the car when you were single and are solely responsible for the loan now.
But if you buy a home when you are married, it will count as community property, and the bank may try to go after you and him even if only one of you is on the mortgage/deed to the house. Once you get married, any property you acquire (except through inheritance) will be considered both yours and his together.
This house in foreclosure is his to worry about, though, and will be his only even after marriage. You may want to take care of the finances during the marriage, though, and make sure to have a savings plan in case of financial hardship or emergency. You don’t want another house to end up in foreclosure.
On July 17th, 2008 at 10:55 pm
Yes, once you are married, your credit will essentially be *tied.* In other words, if you want to obtain a credit card or car loan in the next couple years, when they check your credit, it will show your then-husband’s foreclosure. This will affect what you get approval for, and the interest rate you might get.
On July 18th, 2008 at 10:38 pm
If you get married your credit rating may not be directly affected but you will be considered together for future loans so his poor credit rating will indirectly affect your chance of getting a loan. Due to the foreclosure, I doubt he will have much luck, if any, of obtaining future loans (especially significant ones) for at least a couple years which means you probably won’t either unless you can get one on your own.
On July 18th, 2008 at 11:12 pm
Your credit history is your credit history and not his. Only when you have a joint account is this not true. If you have separate accounts, then they are not tied. Your credit history is tied to your SS number.
On July 21st, 2008 at 7:45 am
oj is completely WRONG.
This is a big misconception with married couples and credit. His credit history will NOT, I repeat, will NOT automatically affect yours because you are married. His history will be, and WILL REMAIN totally separate from your history UNLESS you apply for and get loans/credit TOGETHER. If you never do this, then his credit history will not be tied to yours. If you plan on purchasing a home together, and you can not get the mortgage on your income alone, then they WILL have to check and use his credit if you plan on using his income to qualify for the mortgage. Again, unless you have joint debts, there is no “tie” of credit automatically.
On a personal note, if you’re having doubts, ask yourself why. Was he irresponsible with money (i.e. not paying the mortgage when he could have, overspending, getting more house than he could afford)? Is this a pattern with him? Or was it something like job loss or change of financial circumstances that prompted the foreclosure? Consider these factors. Also consider whether or not, regardless of the reason, you want to be limited, possibly, in what you may own and the interest rates you could qualify for because you are married to him (if you want joint loans), or if you can always do things solely on your credit history.
On July 21st, 2008 at 1:58 pm
No, it won’t affect you financially in any way. The house is his separate property in his name only. It will remain in his name only even if he is able to save the property from foreclosure. Unless he transfers it to your name, you will not be involved in any future foreclosure proceedings, and you are not really entitled to any proceeds from the sale of this house.
That’s basically the definition of separate property. Just like if your car was being repossessed, they couldn’t go after his credit score or anything, because you bought the car when you were single and are solely responsible for the loan now.
But if you buy a home when you are married, it will count as community property, and the bank may try to go after you and him even if only one of you is on the mortgage/deed to the house. Once you get married, any property you acquire (except through inheritance) will be considered both yours and his together.
This house in foreclosure is his to worry about, though, and will be his only even after marriage. You may want to take care of the finances during the marriage, though, and make sure to have a savings plan in case of financial hardship or emergency. You don’t want another house to end up in foreclosure.
Good luck.
ForeclosureFish