Will Mortgage Be Affected By Marriage?

For this question,we look at two examples as bellow:

1.My husband and I are in the process of buying a home. I own a condo, which I purchased in 2004 before our marriage and where we currently live. My husband has never owned a home. He will be the only person carrying the new mortgage and we will both be on the new title. He is not on the condo title. Does he qualify for either credit, since he does not technically own the condo? I l have lived in the condo for 5 consecutive years, but he did not move in until after our marriage, which was in 2008.

Best Answer for this question: No – you do not qualify for the $8,000 since you have already owned a home – both parties have to qualify. Youmay qualify for the $6,500 as a “move up” but you would have to check the residency requirements (you would qualify, but your husband may not and I am not sure if both or just one have to qualify).

2.My gilfriend’s name is on her parents mortgages and I think there houses are way underwater. I don’t know if they can continue to keep paying extra $1000 a month for another year on their 3 mortgages. My question is after we get married 7/10/10, will I be responsible for her debts? They have 3 houses and if they walk away now, I think they might end up owing the bank 500 thousand. Is filing bankruptcy the only way out of this problem for her?

Best Answer for this question: It depends on if you live in a community property state. There are actully only a small handful of states that are community property states. I think those states are AZ, CA, TX, LA, Wa, Wi, NM, and Nv. but I still think even in those states there are provisions, If you are in those states I would seek advise from a attorney.

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