Creditors and Bankruptcy/Marriage and Credit

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Expert: Regan Shinski - 12/6/2010


Question
My fiance are getting married in March 2011. We need to buy a house.  My credit is bad due to a divorce in October 2009. His is not.  I live in Texas and he resides in Washington, DC. If we marry before we purchase the house in Maryland, will my credit have to be considered? Will it be detrimental to our plans to purchase?  

Answer
Hi Andrea:

You need to speak with a mortgage broker BEFORE you marry or purchase a house.  This is not so much of a marriage issue since you are not in a community property state) but as much as of a contracts or mortgage related issue.  

It is will vary on credit, income, down payment, assets, and financed amount as much as anything else.  If your husband/fiance can qualify for the mortgage himself, it is likely he can put the mortgage in his name only.  This is often separate from the deed, but you want to focus on the mortgage, so you need to speak with a banker or mortgage broker to see where you guys stand.

Mortgages are the most complicated lending contract most people will enter into.  There are just too many variables for me to say what is the best option.  You may be able to get a mortgage without considering your credit or they can consider your credit to include your income or assets.  It really depends.  What I can tell you is you likely have the option of of using your fiance ALONE or INCLUDING you but it has to be all or nothing.  This means if you guys need your income, assets, or down payment to qualify they have to include your credit.

I would speak with several mortgage professionals.  Be honest and explain your situation.  Do NOT allow them to pull your credit until you are ready to go!  Each time they pull your credit, the credit score can go even lower.

Good luck, I hope this helps but there are a lot of variables in obtaining a mortgage.

BTW, you should start credit repair immediately.  You will be AMAZED at the type of improvement you can achieve and you are a great candidate for improvement - enough so that your credit may become beneficial to getting the mortgage.

Regan

REMOVE BAD CREDIT --  www.ficofighter.com

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Regan Shinski

Expertise

I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit reporting.

Experience

Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports. Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry. I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA). I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage. In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.

Education/Credentials
BA - University of Minnesota

Past/Present Clients
(private)

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