My credit's pretty good and I recently purchased a house. I just found out about my fiance's financial past - this explains why he still lives with his mother, he probably doesn't have enough credit to rent a place! Anyway, I'd like to know how his crappy financial situation would affect me - evidently we'll never be able to own anything jointly - or at least until he clears up the debt. So, will it lower my credit score? Can I lose my home if we marry (West Virginia, btw)? The home's in my name only, he doesn't automatically get put on the Deed with marriage, does he??
2007-01-17 03:45:35 · 5 answers · asked by Donna S 2 in Business & Finance ➔ Credit
it should not affect you as long as you keep all things separate, including bank accounts. File your taxes separately. Anything that has his name on it is fair game for garnishment & liens.
I know a guy whos wife had a judgement on her for about $2k & she was joint on the bank account. She was only on it by name, she never put a dime of money in it. They froze the account & took the savings, checking & a couple of direct deposits that came in.
2007-01-17 04:16:11 · answer #1 · answered by ricks 5 · 0⤊ 0⤋
If you were not part of the debt, then it won't affect you now. You are correct, you won't be able to get any lines of credit with him jointly, otherwise, it will affect your rating. I'm not sure completely, but I don't think that he is put on the deed by marriage. You would have to add him.
2007-01-17 04:43:37 · answer #2 · answered by BMW BFD 5 · 0⤊ 0⤋
If you want to have him as an owner to the property, you can have a local title company in your area prepare a Quit Claim Deed adding him to the property. It's that simple.
As far as your debt goes. You are not responsible for any of his debt because you never signed the dotted line to be part of it. Just like that home, if he never signed the mortgage he is not responsible for your mortgage debt as well.But if something happened to you and he still wanted to keep the home he would need to figure out how to finance it or pay for it to stay there.
Be sure and check with local state regulations on community property. Could be totally different in your area regarding a spouse.
2007-01-17 05:33:26 · answer #3 · answered by Lee P 2 · 0⤊ 0⤋
No, he won't automatically get put on your mortgage, you'd have to refinance to do that, and I'm pretty sure you'd have to manually add him to the deed if you wanted to.
My husband and I got married in Oct. '06 and we were pretty surprised how quickly my accounts hit his credit and vice versa. We're thinking this only happened because I got him his own card on my accounts and he got me cards on his accounts. His credit score dropped pretty quickly because I have more debt in my name than he did so it looks like he more than doubled his debt in one month.
Bottom line, if you ever want to be able to buy something jointly, you'll need to work on clearing up his 22K in judgements. It sucks, but there's that whole "what's mine is yours" thing that comes with marriage. If you're not planning to purchase anything for a while, that should you time to "fix" his credit and get things straightened out.
Good luck!
2007-01-17 03:57:39 · answer #4 · answered by aj1020 2 · 0⤊ 0⤋
you will NOT LOSE your home, only if you do things in which will make you lose it. When your married your credit is combined when things are joint. but im pretty sure, at least where i live that iif you have proof of all your debts, and that they were accuilated before the marriage, and you go to divorce, they stay within eachother, however, lets say you guys are married, and he dies, then YOU ARE responsible for all his debts... make sense?
2007-01-17 03:54:21 · answer #5 · answered by Anonymous · 0⤊ 0⤋