Answer
This is really a good question as many women have joined with men with bad credit, and seen their good credit ratings go from good, to terrible. I'd say that if possible if you haven't already signed the Mortage then perhaps you go to a notary, have an agreement drawn up that says you are half owner of the home, but don't sign the Mortage until he gets his credit ratings where they should be. If he goes down, he will take you and your good credit ratings with him. Be careful what you sign.
As long as you are on the mortgage it will show on your credit report and effect you credit no matter if you are the primary, secondary or co-signer
"The credit crisis has affected the mortgage lending rates drastically. Many lenders are not giving out loans and mortgages at all without either high down payments, or pristine credit."
Since he is not listed as a borrower on the first mortgage his credit is not affected by paying or not paying that mortgage. Even if both loans are with the same company, he is only held responsible for the loan in which he signed.
The note and mortgage must be signed by the owner of the property. The lender checks the credit record of the person who signs the loan application. If you didn't sign the loan application then you are not responsible for paying the loan and your credit isn't affected.
Yes, if both people apply for a joint loan, both credit reports will be used to determine the elgibility of the borrowers.
As long as you are on the mortgage it will show on your credit report and effect you credit no matter if you are the primary, secondary or co-signer
"The credit crisis has affected the mortgage lending rates drastically. Many lenders are not giving out loans and mortgages at all without either high down payments, or pristine credit."
Only the decedent's credit record will be affected if they were the only person who signed the mortgage. However, if the mortgage isn't paid the lender will take possession of the property by foreclosure.
If you are only on the title, then your credit will not be affected.
no
Your spouse's credit score should not be affected if he/she is not on the deed or on the mortgage that was foreclosed.
Since he is not listed as a borrower on the first mortgage his credit is not affected by paying or not paying that mortgage. Even if both loans are with the same company, he is only held responsible for the loan in which he signed.
If the mortgage payments are still being made then no - they won't be, however - if you default on the mortgage payments then yes - they will go after the cosigner and if it is not paid their credit will be effected.
The note and mortgage must be signed by the owner of the property. The lender checks the credit record of the person who signs the loan application. If you didn't sign the loan application then you are not responsible for paying the loan and your credit isn't affected.
Yes, if both people apply for a joint loan, both credit reports will be used to determine the elgibility of the borrowers.
If you didn't sign the mortgage and without your social security number being considered as basis for the loan the financial institution will not report for or against you. If you signed the note and mortgage, in the case of a default you will be responsible and a foreclosure will affect your credit record.
It is very difficult to get a mortgage with bad credit. You will probably first have to raise your credit score.