What should I do? I'm in trouble?

Question

My husband is purchasing a 2nd home and using our first home equity line to generate the fund for this 2nd home purchase. I've been having my own credit card debts (total close to 40k) that he does not know.

The loan agent said that may use my name for the loan cuz they think that my credit score will be better than my husband's. I'm so freaking out now cuz I know my credit score is not great at all and I'm so so so nervous that my husband will know my total credit card debts.

Should I call the loan agent not to disclose my debts to my husband or he will automatically know that its my own info and will now tell my husband know (the loan agent will run my credit check and will see all my debts).

This 2nd home I will not have my name on it but my husband thinks it does not matter and my credit should be used if it helps get a loan.

What should I do now? Should I CALL the loan agent and inform him this or I just keep praying that my husband will not know? Pls advise. Thanks

Answer 1

You need to be truthful with your husband and tell him what's going on.Better that he find out from you than someone else.
Calling the loan agent will not do any good.If they run your file it will all be there in black and white and they have to run it if you're on the loan.
You got yourself in a big mess so it's time to let your husband know.Be honest.The truth will set you free.

Answer 2

Both options you have listed, try to get the loan agent not to tell your husband and pray it will not come up are why you are in the position you are in right now. You need to tell you husband about the debt before he finds out another way that not only makes you look bad, but will probably be very embarrassing to him as well. Nothing like having a stranger tell you that your wife has $40,000 in credit card debt and because of her spending habits you do not qualify for the loan. Tell him about the debt and deal with that, then he can decide if he even wants to pursue the loan any further or if he wants to go it alone with out your name.

Answer 3

First off, if your name is put on the loan that means that you will be responsible for paying for the debt as well. I don't know if he can put his name only on the deed when you are married everything normally goes into both names, especially if you are helping financially. I would contact the loan officer and explain it to him otherwise he will mention the credit to your husband not knowing that it is strictly your debt. As long as you are making the payments on them anyhow you shouldn't have a problem, but how did you get credit that didn't include your husband? Didn't they take his income into consideration when giving you the cards?

Answer 4

No offense, and I mean this as gently as possible, but you're an idiot. How can you be married to a guy & he doesn't know your debt? That is ridiculous. Are you married or not? Are you supposed to share everything or not?

You have to tell him honey, it is now his debt, too. It sounds like he will find out anyway - do you want a loan agent to tell him, or you? You really shouldn't be investing in a 2nd home unless it is a rental property to help pay off your debt.

Your husband has a right to know.

Answer 5

I know that this is painful, but you need to come clean and tell your husband about the credit card debt. If you are in over your head -- and that's exactly what $40,000 of unsecured debt is -- you have no business buying a second residence. He is going to find out about it sooner or later: I am guessing sooner, since your credit is going to come back looking ugly.

I am surprised that he is planning on using your credit and not putting your name on the deed: if you are buying something together, the deed should be in both your names. Why would you want a loan against your name for property that isn't yours? Sounds fishy. Maybe both of you need to sit down and BOTH come clean about your personal finances. Is it possible that HIS credit is a mess? That would explain why he wants to use yours...

Answer 6

I hate to tell you this but you're screwed. How can you possibly think that this is gonna work? As soon as he finds out about your debts - and he will, if not now, someday - he's gonna not only be pissed, he's gonna wonder what else you've kept from him. 40K in credit card debt that he knows nothing about? You need therapy. You can TRY to call the loan agent, but you know, heaping one big lie on top of another just to avoid the INEVITABLE argument ain't gonna help anything.
Good luck with all this.

Answer 7

Building a marriage on lies is not good.
Its up to you to be honest with your husband if you can't do that then why are you married?
Why is your name not going to be on the home? If does make a difference if something happens to him you will still have to pay for it cause you are married just like the credit cards if something happens to you he still has to pay for them.
Don't get a 2sd home get a loan to pay off all the credit cards first. How much do you pay a month on the cards? Take that plus the interest and I bet you can save about 400-500 a month by having just one payment instead of many.

Answer 8

Wow....you did get in a 'little' deep didn't you!?!? You're only way out now Princess is the Truth! How come you weren't honest in the beggining? As a husband in this kind of situation....it was bound to come out sooner or....in your case...Later. Tell the truth. " Babe, I checked my credit report while you were at work today and I totally forgot about some past bills I didn't pay and my 'credit's screwed up'. Lotz. Since I'm not named as part owner of the house, let's not put my report down for any verification. What?!?? How much do I owe??! 'bout 30,000......40,000 thousand." See....!!!?? There is a way and when he's done being mad at you.....it'll all work out. Good Luck

Answer 9

When we re-financed our home they only used my husbands credit and income because mine was not as good as his was. Maybe you could just suggest that they try on his alone. I would call your loan agent and talk to him. They want the loan to go through for you.

Answer 10

Talk to the agent and let him know of your credit situation it is something he will find out anyway. There might be something he could do about your dept if your credit is good. (like adding it on to the mortgage)

Talk to your husband and let him know about your dept he might already know that there is something wrong if this is been on your mind, and jump to some wrong conclusions. Honesty is always the best policy little secrets become big problems.