What type of financilal implications will I be potentially facing if I marry someone who is about to lose their home to foreclosure?
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What type of financilal implications will I be potentially facing if I marry someone who is about to lose their home to foreclosure?
Asked on June 10, 2009 under Real Estate Law, Missouri
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
If the house is foreclosed, the person's credit is going to be hit hard to a point where they will not likely qualify for loans or credit cards and so forth. Therefore, you will not be able to rely on your future spouse to help you finance things such as car or house or whatever. You will have to rely on your own credit. I do not know why the house is in foreclosure, but if it is becasue your spous rather go shopping then pay bills, then you have a big problem on your hands - I doubt that is the reason however. In any event, the credit should not effect you as long as you keep yous spouse off credit cards and so forth so your interest rate is not high- you dont want a credit union to give you a high rate becasue of your spouse's credit. In 7 years from now, your spouse's crddit should be better.
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