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Posted: Sat Aug 23, 2008 11:00 pm Subject: debt if married

If a debt is only in the wife's name, can the debt be separated and the husband than apply for a mortgage in his name only?

Posted: Sun Aug 24, 2008 1:22 pm Subject:

If the debt is only in the wife's name and the husband is not an authorized user, I don't think it would show on his credit report. One spouse can apply for a mortgage loan separate from the other spouse, but depending what state you are in, the wife might need to sign paperwork agreeing that she relinquishes claim to the property (a quitclaim deed). There may be additional paperwork also, depending on your state.

kristin · Posted: Sun Aug 24, 2008 5:46 pm Subject:

I asked this same question to the dmp group I am working with. Since I am only putting my personal cards into the program, my husband's credit will not be affected as long as I do not apply for a joint loan.

I don't know about the state thing though that alias mentioned. We're not planning on getting a loan any time soon so haven't checked into all that.

Posted: Sun Aug 24, 2008 6:01 pm Subject:

The husband can apply for a mortgage in his name only. The wifes name can be added to the deed afterwards if wanted/needed.

Since the wifes debt is in her name, it won't affect the husbands credit.

If both parties are applying for a mortgage, the will look at both credit scores and base the mortgage rate on the lowest score.

Posted: Sun Aug 24, 2008 6:16 pm Subject:

You are 100% correct desperatelyseekingsanity. My husband purchased our home and I was only listed on the deed afterwards. It takes only one to buy but two to sell in our state.