Asked by Christian, Moreno Valley, CA Mon Jan 5, 2009

I have a credit score of 650 with no late payment in the last 2 years with 70,000 income. I recently married and my wife has horrible credit and is in the middle of foreclosure. Do I have to have her on the loan?

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Harrison K.…, Agent, Irvine, CA
Mon Jan 5, 2009
Hello Christian ... good question about whether you would be required to have your wife on the loan. That decision would be up to the lender. You must always be truthful with the lender and provide the requested information and that about your wife and her situation. Do not try and cover this up. Ask that lender to consider not having her be part of the loan process. It's possible that they would agree. However, the lender will recognize that your wife's situation with poor credit history might also involve future monetary obligations on her part, which would put pressure you and your family.

If the lender agrees not to have your wife on the loan, it will certainly require that she sign a spousal quitclaim deed in your favor and some form of contract that she has no interest in the property.

Best wishes to you and your family with this. If you need information about mortgage and lending, we recommend you contact Tim Sibley, First Capital Mortgage, 949-718-1511. Tim does a great job for our clients and people we know.

Harrison K. Long, Realtor agent and broker, Coldwell Banker Previews.

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