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Maintaining a Mortgage with Bad Credit

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Not every married couple has perfect credit. Sometimes one or both spouses have a bad credit history. This makes it difficult to purchase a house. However, it's not impossible to apply for a mortgage with bad credit. There's a number of things you should consider before applying. The first decision you will need to make is whether or not you should apply jointly or individually.

Benefits of Applying Jointly:

• It's better to apply together when the spouse that has the bad credit also has the higher source of income than the spouse with the good credit.

• By applying together, you will have both of your names on your assets. Many couples that are married prefer to have both names on all of their major assets. For the spouse with the bad credit, it can relieve a lot of stress by including their name on the application.

• It is better to be prepared. If only one spouse is on the mortgage and that spouse passes away, then the other spouse will not have any ownership on the home unless they are placed on the deed. It is better to prepare and have both spouses on the deed so that both have ownership of the home if one passes away.

Benefits of Applying Individually:

• By applying individually, your spouse becomes a "credit score lifeboat" according to financial expert, Kristen Wong. When financial troubles occur such as a foreclosure, you will always have the credit of the other spouse to lean on.

• Also, by applying individually you are able to prepare for a divorce. By having an individual mortgage, you will be able to bypass having to refinance the mortgage to remove one of you from the account during a divorce.


We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: 2Cents | Credit

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