how would my fiance’s bankrupcy effect on buying a house?
by Mortgage Rates on Thursday, September 23rd, 2010 | 4 Comments
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BKs last for 10 years, not 7. Should you join your credit history to his, yours will fall like a rock.
Let me make this clear.
If you buy a home with him before you are married you are a fool. You have FEW legal options should the relationship fall apart.
Do NOT purchase property prior to marriage, else you may spend the rest of your adult life paying for it.
Now, for some real life info.
You need to ask yourself some hard questions. Do you want to spend the rest of your life with someone who cannot meet his obligations? If he got into financial trouble on his own, then there is a more than 50/50 chance he will drag you down either before or (worse) after you get married.
Marrying someone with a troubled credit history is a financial version of marrying someone with a criminal history. You will spend your whole life fighting the behaviors that created the problems.
Why embrace a life of financial turmoil?
Rethink this.
If your boyfriend had to file for bankruptcy, that’s telling you ahead of time what will happen if you get married later on. If you’re joint with your current husband, it effects your credit rating as well as his. Run your free credit reports under annualcreditreport.com or just call Trans Union toll free @ 1-877-322-8228 for all 3 free reports.
First of all… not all of us that have financial issues are irresponsible for all of our lives and need to be compared to someone with a criminal history. I had perfect credit and then married a man who wrecked my score. I had cancer and while I was hospitalized and in treatment he was supposed to be paying the bills and never paid anything. He racked up thousands of dollars on his own, and is now in prison and I have long since divorced him.
I was very concerned about remarrying because my new husband has good credit. I dreaded having to tell him what mine was like. I am glad he loved me more than my credit. We have since bought a house and a car and my credit is improving and I love my husband.
if YOU are able to qualify to buy the house in you name only (ONLY your income, your debt and your credit score), then it doesn’t matter what fiance’s credit situation is