Posted on: 09th Jun, 2011 10:58 am
Good afternoon board. I'm getting married in about 1 year and I wanted to ask a question and calm my financial nerves. My fiance has a rough credit past, and is up-side down on her existing mortgage, and has stopped paying the mortgage for over a year, and is planning on the home going into foreclosure. Will this have any effect to me, besides for our future purchasing power relying stricly on me, but can they come after me or my assets once we get married. Secondly, since she stopped paying the mortgage, and taxes, HOA fees, can a lein be placed on her for either taxes or HOA and after marriage come after me and my assets? The property is in PA.
Thanks a bunch!!!!!!!!!!!!!!!!!!
Thanks a bunch!!!!!!!!!!!!!!!!!!
DSki, in no way can a creditor seek you out for repayment of a debt that is not your own. Furthermore, since your fiancee's credit will have been damaged to the point that you'll be the only eligible borrower (presumably), that'll protect you as well when you make the new home purchase. Of course, in that situation, you'll need to be the sole owner until such time as she's rectified any old debts, if they exist.
If she owed money and a creditor found out that she was a homeowner later on, it's plausible that the creditor would sue, obtain a judgment and subsequently file a judgment lien on the property she owns. That's why I say keep her off title until you can conclusively demonstrate that there are no outstanding debts that could come back to bite her (and you) later on.
Statutes of limitations would also apply; though I surmise that current credit issues are more the case than older issues, from what you noted above.
If she owed money and a creditor found out that she was a homeowner later on, it's plausible that the creditor would sue, obtain a judgment and subsequently file a judgment lien on the property she owns. That's why I say keep her off title until you can conclusively demonstrate that there are no outstanding debts that could come back to bite her (and you) later on.
Statutes of limitations would also apply; though I surmise that current credit issues are more the case than older issues, from what you noted above.
This was extremely helpful, thank you very much. You just saved my wedding! Just kidding of course :D
I'm happy to oblige, and I hope the festivities will be delightful.
Valuable Information Mr. Akerley. Actually i was searching for an answer for this sort of situation. It was really helpful.