How do I keep my bad credit form affecting my future husband’s credit?

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How do I keep my bad credit form affecting my future husband’s credit?

I am going to be married to a guy in WA soon. I currently own a home in OR area that, based on the current economy, can only short-sell. I know that that ruins credit. How can I minimize the impact? We’ve been advised to get married, buy a house that works for both of us, then start the process of trying to short-sell my house. We need to keep my credit good noe, so that we qualify for a better home that works for us in WA. After that, how do I keep from affecting my husband’s credit score? Also, can we have joint bank accounts? 

Asked on October 26, 2010 under Bankruptcy Law, Oregon

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Your credit score is your credit score and your husband's credit score is his.  Trying to purchase jointly then both scores are taken in to account and that how it adversely effects the situation.  The short sale will effect you if a deficiency judgement is obtained so negotiate that matter.  And maybe giving the house back to the lender without having to go through a foreclosure may be an option.  Again, a deficiency judgement needs to be addressed.  The issue as to whether or not to have joint bank accounts depends, again, on judgements and if they exist. Have you tried loan modification?  I would seek serious help from someone in the Oregon area as to how to make this work for you.  It will be hard but you can indeed do it.  Good luck.


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