Jump to content



Read These Items!

  • Check out our Credit Card Finder. - Affiliate Page -
  • If you're getting an Authentication mismatch error: Clear your cache. Log out of CB. Delete your cookie. Close your browser. Open your browser and log back in.
  • AOL users: In order to post you will need to use Internet Explorer 7.0 (or higher) or Firefox 2.0 (or higher). You cannot utilize all features of this board using the AOL browser.

Photo

repo on spouses credit


  • Please log in to reply
9 replies to this topic

#1 samslaught

samslaught
  • Members
  • 145 posts

Posted 23 May 2012 - 10:59 PM

I'm trying to buy a house. My wife has a car repo on her credit that happened before we got married. She still owes $11,000. I am buying the house by myself along with my parents. I have good credit, good income and so do my parents. Even though my spouse is not on the loan my mortgage broker said that they have to run her credit. So he did, and when he saw the repo he said that he can't do the loan until the repo debt is satisfied. She's not even on the loan.... I'm confused by this. Our mortgage broker says there are no other options but I just don't believe it. We don't have the cash for the down payment and another $11,000 to pay off the repo debt. So my question is for the pros out there. Are there no other loan options in the world? I'm ready to switch to a new broker if there is!!!

#2 luckydriver

luckydriver
  • Members
  • 3,116 posts

Posted 24 May 2012 - 07:07 AM

I'm trying to buy a house. My wife has a car repo on her credit that happened before we got married. She still owes $11,000. I am buying the house by myself along with my parents. I have good credit, good income and so do my parents. Even though my spouse is not on the loan my mortgage broker said that they have to run her credit. So he did, and when he saw the repo he said that he can't do the loan until the repo debt is satisfied. She's not even on the loan.... I'm confused by this. Our mortgage broker says there are no other options but I just don't believe it. We don't have the cash for the down payment and another $11,000 to pay off the repo debt. So my question is for the pros out there. Are there no other loan options in the world? I'm ready to switch to a new broker if there is!!!


what state?

#3 samslaught

samslaught
  • Members
  • 145 posts

Posted 24 May 2012 - 11:12 AM

California

#4 azpirin

azpirin
  • Members
  • 323 posts

Posted 24 May 2012 - 02:35 PM

I like to know that, too. Even if you try to buy on your name only, does spouse's credit matters? California.

#5 luckydriver

luckydriver
  • Members
  • 3,116 posts

Posted 24 May 2012 - 03:03 PM

i dont know the answer but the people who do know do need to know your state, which is why i asked

they will chime in i'm sure...community property states have different rules

#6 ElderGeek

ElderGeek
  • Members
  • 262 posts

Posted 24 May 2012 - 03:58 PM

i dont know the answer but the people who do know do need to know your state, which is why i asked

they will chime in i'm sure...community property states have different rules


I'm not an authority, but California, being a community property state, goes
by the rule that all assets and liabilities obtained during the term of the
marriage are the joint responsibility of both spouses, whether or not they
are both contractually obligated to the debt (ie, a co-borrowers). Based on this,
I can see where the lender may not be willing to write the loan without OK'ing
the credit of the spouse who isn't a joint applicant to the loan.

#7 750orDie

750orDie

    Bump Influence XLIII

  • Members
  • 189 posts

Posted 24 May 2012 - 06:05 PM

I'm not sure if this helps, but I have a repo too and my LO said that it can be paid in escrow and. It to worry about it. Im sure one of the pros will correct me of I'm wrong though :) my balance owed is just under 7k

#8 Brian B The Loan Professor

Brian B The Loan Professor
  • Forum Leads
  • 8,689 posts

Posted 24 May 2012 - 08:39 PM


i dont know the answer but the people who do know do need to know your state, which is why i asked

they will chime in i'm sure...community property states have different rules


I'm not an authority, but California, being a community property state, goes
by the rule that all assets and liabilities obtained during the term of the
marriage are the joint responsibility of both spouses, whether or not they
are both contractually obligated to the debt (ie, a co-borrowers). Based on this,
I can see where the lender may not be willing to write the loan without OK'ing
the credit of the spouse who isn't a joint applicant to the loan.


That is the issue it is a community property state

#9 samslaught

samslaught
  • Members
  • 145 posts

Posted 24 May 2012 - 11:36 PM



i dont know the answer but the people who do know do need to know your state, which is why i asked

they will chime in i'm sure...community property states have different rules


I'm not an authority, but California, being a community property state, goes
by the rule that all assets and liabilities obtained during the term of the
marriage are the joint responsibility of both spouses, whether or not they
are both contractually obligated to the debt (ie, a co-borrowers). Based on this,
I can see where the lender may not be willing to write the loan without OK'ing
the credit of the spouse who isn't a joint applicant to the loan.


That is the issue it is a community property state


Brian is it true that the debt can be settled through escrow? FYI this is an FHA loan

#10 Brian B The Loan Professor

Brian B The Loan Professor
  • Forum Leads
  • 8,689 posts

Posted 24 May 2012 - 11:45 PM




i dont know the answer but the people who do know do need to know your state, which is why i asked

they will chime in i'm sure...community property states have different rules


I'm not an authority, but California, being a community property state, goes
by the rule that all assets and liabilities obtained during the term of the
marriage are the joint responsibility of both spouses, whether or not they
are both contractually obligated to the debt (ie, a co-borrowers). Based on this,
I can see where the lender may not be willing to write the loan without OK'ing
the credit of the spouse who isn't a joint applicant to the loan.


That is the issue it is a community property state


Brian is it true that the debt can be settled through escrow? FYI this is an FHA loan


Yes but that simply means you can pay it through the closing out of pocket - it doesnt mean it can be wrapped into the loan

This just makes it easier to document to the bank that it is done as the title company will cut the check for you




0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users


© Copyright 2003 - 2013 Creditboards.com. All rights reserved. No portion of this site may be reproduced without explicit permission from the owners. The content of creditboards.com is subject solely to the personal whim of its admins. We reserve the right, at our sole discretion, to remove any and all posts or comments, at any time, for any reason which takes our entirely capricious fancy, or for no particular reason whatsoever, without restriction. Comments or questions regarding the site may be addressed to admin@creditboards.com.