Financing in 75052>Question Details

Sellmesometh…, Home Buyer in 75052

If my father is going in with me on a home loan and my mother filed bankruptcy but they are seperated. Will my mothers bankruptcy effect my fathers?

Asked by Sellmesomething, 75052 Fri Oct 2, 2009

credit when applying for a home loan?...

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Greg Cook’s answer
If you are applying for an FHA loan, your mother's bankruptcy could affect your fathers because even though they are separated and you live in a community property state (I think Texas is) the lender will require a look at your mother's credit. The bankruptcy probably won't be a deal breaker but if she hasn't cleaned it up since the bankruptcy and her credit report still shows outstanding debt (even though it was paid off in the bankruptcy) it could delay your closing.
Good Luck!
0 votes Thank Flag Link Fri Oct 2, 2009
Your father and Mother separaterd and when? Do they owned a property
as joint tenant or common property before got separated? I s your mom out
the country? Those questions are very important to those lender, so my re-
commendation is to get loan officer so he can explain to you more about this
situation.

Good luck

Joe Salcedo
0 votes Thank Flag Link Fri Oct 2, 2009
Do you need your father on the loan to qualify? That would be the first question to be answered. You could qualify for a loan without your father. I would be happy to help you qualify for that loan. If your father and mother have bought something jointly that is being included in the bankruptcy, then you would need to qualify on your own. I have several lenders that I work with who could possibly qualify you without your father. Call me at your convience at 214-405-7264 . I am available to talk to you this weekend also.
0 votes Thank Flag Link Fri Oct 2, 2009
Without having the details, I would say that it probably won't affect your father. Regardless of your situation or your father's situation... the best first and best step is to get pre-approved. I would be glad to help you and answer any questions you may have. Our buyer services are absolutely free.
0 votes Thank Flag Link Fri Oct 2, 2009
If your father is not part of the mother's bankruptcy then it should not have any affect on his credit.
0 votes Thank Flag Link Fri Oct 2, 2009
Contact a direct lender (bank) to get the correct answer for your question.
0 votes Thank Flag Link Fri Oct 2, 2009
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