Posted on: 19th Oct, 2010 03:12 pm
i am looking into getting a home loan. i am a first time buyer, with average credit score of 720. my wife has credit issues, along with a federal and state tax liens. she brought all this debt into the marriage, but i have been told that even if i make her a non-borrower, her liens will decline my loan. a different forum made mention of a post-nuptial agreement of some sort making her debt before our marriage not a part of our community property. is this legal/ relevant to getting a loan? we live in california
Hi glimmerman,
I guess, you live in a community property state. Thus, your wife's debts will be considered as your joint debt if you apply for a mortgage to buy a property. Pre-nuptial agreement would have been a good option in this case. However, this agreement needs to signed prior to the marriage. You can contact an attorney and take his opinion whether or not you can sign the pre-nuptial agreement now.
Thanks
I guess, you live in a community property state. Thus, your wife's debts will be considered as your joint debt if you apply for a mortgage to buy a property. Pre-nuptial agreement would have been a good option in this case. However, this agreement needs to signed prior to the marriage. You can contact an attorney and take his opinion whether or not you can sign the pre-nuptial agreement now.
Thanks