     American Heritage (Anonymous197) | Wednesday, October 25, 2000 - 03:35 am 
I was wondering if it's possible or even legal or whatever to apply alone even if married. Reason being bad credit on one and good credit on the other. If the lender requires both to apply and do credit checks, what's to stop me from saying I am single and applying as such. Or that I am seperated and no longer with my spouse. How can a lender force me to apply together. Just curious since if we both apply, I'm sure a rejection will happen. Thanks. |
| Gladys Gort (Ggort) | Wednesday, October 25, 2000 - 06:56 am
You can apply alone even if you are married.
The spouse would have to sign a form stating
they waive all their rights away in regards to the property. |
| Christine Baker (Admin) | Wednesday, October 25, 2000 - 10:47 am
I believe that State law applies. ALWAYS post where you live. |
| Don Semler (Dsemler) | Wednesday, October 25, 2000 - 08:07 pm
Sate law has nothing to do with whether or not one can apply for credit in their own name. You can always apply just in your name.
However, Christine is somewhat correct as states that are community "property state", ie California, are treated slightly different.
As taken directly from the verbage that few read at the top of page one of the Loan application(1003)
...the income or assets of the Borrower's spouse will not be used as a basis for loan qualification, but his or her liabilities must be considered because the borrower resides in a community property state, or the property is located in a community property state....
If you are thinking of applying for a FHA loan(primarily for first time buyers)HUD state that even if you are in a community property state and the credit of a spouse not on the loan can not be the sole basis for declining a loan.
Many loans that we originate do not include the spouse for the above reason. Especially in todays times where people have been remarried and the credit history with the prior spouse was terrible. If the income supports the deal, we drop the spouse and use the one with the good credit only.
As for applying and saying you are single. Don't do it. It's loan fraud. It's fairly easy to figure out with women as maiden names show up on credit reports a lot.
As for being separated. Your still married. Many states have "spousal right" such as "dower". The spousal party is required to sign the mortgage even though they are not on the loan. |
