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Opening a credit line in both your name and your spouse's name is generally legal, provided that both parties consent to the application and the terms of the credit. It's important to ensure that you have your spouse's permission, as applying without their knowledge could be considered fraud. Additionally, both of you will typically be responsible for any debts incurred on that credit line. Always check specific laws and regulations in your jurisdiction for any nuances that may apply.
What else can I help you with?
Can a spouse take a home equity line without the other spouse?
Depends who's name is on the mortgage. If both names are on, then you would need both spouse's to take out a home equity line of credit.
Will your spouse's credit score be affected if your individually owned property is foreclosed spouse's name is not on the deed?
Your spouse's credit score should not be affected if he/she is not on the deed or on the mortgage that was foreclosed.
Does wife credit card affect husband?
If a spouse has a credit card in their own name & the other spouse isn't listed on it, bad credit won't affect the second spouse. But, if you both apply for a loan or other credit - the credit bureau will check both parties credit reports.
Is one spouse responsible for the other's line of credit?
Generally, one spouse is not automatically responsible for the other's line of credit unless they are joint account holders or have co-signed for the credit. In cases where the credit is solely in one spouse's name, the other spouse is typically not liable for any debts incurred. However, laws can vary by jurisdiction, and marital property laws may impact financial responsibility in community property states. It's advisable for couples to understand their individual financial obligations and consult a legal expert for specific situations.
Can you take out a home equity loan or line of credit jointly with your spouse if he owns the home by himself?
Yes, you can take out a home equity loan or line of credit jointly with your spouse even if the home is solely in your spouse's name. However, the lender will likely require your spouse to be the primary borrower since they are the sole owner of the property. You may need to provide your income and credit information, and the lender will assess the overall financial situation to determine eligibility. It's important to understand how this may affect ownership and liability in the long run.
If one spouse has an unpaid tax lien on their credit can the home loan be put in the name of the other spouse with no problems?
No!!
If your spouse dies and has credit cards in their name only can the surviving spouse negotiate with the creditors to get the amount reduced?
yes they can
In New Jersey is a spouse responsible for the credit card debt of her husband if the credit card is solely in his name?
No.
Does a spouse have to pay a credit card that is only in the deceased spouse's name in Michigan?
In Michigan, generally, a spouse is not personally responsible for credit card debt solely in the deceased spouse's name. However, the estate of the deceased may be liable for the debt if there are sufficient assets. If the surviving spouse was a joint account holder or had co-signed for the credit card, they could be held responsible. It's advisable for the surviving spouse to consult with a legal professional regarding the specific circumstances.
Is a spouse responsible for the credit card debts in the other spouse's name in New Jersey?
If the two of you are married, I believe you are responsible.
Is a surviving spouse in New York responsible for repayment of credit card debt only in name of deceased spouse?
yes.
If you are trying to refinance a mortgage which is only in your name and your spouse has a much better credit score than you should you add your spouse's name to the title beforehand?
Yes.
