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Dude, justify it to yourself all you want. You want a difference answer from us than we're giving, too bad. I think it's dodgy, especially given how you phrased the question to sound as if you didn't want the lender finding out you transferred the debt to your wife.
But hey, knock yourself out and see what happens.
LOL, Thanks for the smile. I guess it's okay as long as you don't provide any opinions that differ. I must admit I am not familiar w/ a 0% balance transfer loans? (and credit cards were in the original post) How can you have an installment loan w/ no balance, it's not even a tradeline account? Sorry, that doesn't add up. Not to mention, I haven't heard of any new credit offers being opened w/out asking about current employment.
I don't think the OP was really looking for true opinion, but more of a pat on the back for the shell game and a promise that it will all be okay. I guess I shouldn't share my opinion on a service to monitor a FICO score
All these people are very self righteous. Look dude. If you apply for conventional financing in any state you can apply all on your own accord. That means only on your credit, debt, and income considerations. You will most likely have to put 20% down, and your spouse will have to release interest in the property at closing. You CANNOT get any form of government insured loan without your spouses credit pull. Period. When you apply for a loan the bank is looking at collateral, and your ability to repay the loan. Not how much your wifes Moderator cut: language creditors allowed her in debt without checking her income. Do the right thing, but business is business. If you are going to live in the home with your family, and repay the obligation go for it. Respect.
Last edited by Green Irish Eyes; 10-13-2009 at 05:11 PM..
Reason: Please use appropriate language
I agree - I purchased a house solely in my name, with my spouse waiving their dower rights. It was done due to the difference in our financial records.
Also, I'd recently paid off a number of credit cards (in fact I applied and was approved for a mortgage) only a couple of months after paying off a majority of cards. Now, this was 2007 - a different lending picture. But nothing was made of my recently paid off cards.
As long as I had the income to justify the mortgage, and the credit score, and the 20% down, they didn't care I'd recently paid back a number of revolving credit cards.
I don't have any moral judgements against you - if your spouse is willing to place the automobile debt on her card (are you going to transfer title of the vehicle as well, that would be the proper thing to do if she is not already on it) - then legally you have "sold" the vehicle to her and no longer have any obligation towards it.
Others here seem to have other opinions, but it doesn't seem as though you're doing anything wrong. You are legally discharging a debt (selling it to someone else).
Now, of course, if you dump your spouse in 6 months and stick her with the car payment she agreed to take on to help you out - you're a jerk. But that's totally in the future and no one knows if that is your secret plan or not. Assuming its not, go for it. If it is, well you're the one who has to look yourself in the mirror each morning.
So basically what you're saying is that you want to hide debt in order to qualify, and you want us to confirm or deny that you can get away with it scot-free before you try it.
That's waht I was thinking. The debt to income ratio will not really change itor the reason you should look at it .Its basic a con to do that and when you con yourself ;that spells trouble.
Dude, justify it to yourself all you want. You want a difference answer from us than we're giving, too bad. I think it's dodgy, especially given how you phrased the question to sound as if you didn't want the lender finding out you transferred the debt to your wife.
But hey, knock yourself out and see what happens.
Great post !
same old,same old. a person asks a question they are scared to ask a lender then keep debating everyone who doesn't give them reassurance that they are correct.
All legitmate lenders I have ever dealt with want to see the credit history of both spouses when they make a mortgage loan. Doesn't really matter about the technical details of which spouse is the "primary" borrower, in Illinois (and most other states) legally married have shared legal obligation to pay off the lender.
The rare hinky lender that is willing to monkey around with credit entries is largely out of business as there are no money sources for liar's loans -- even stated income pretty much has to be backed up with tax returns.
If the OP has some magic channel to a hinky lender then go ahead and play games, but don't waste time soliciting the opinions of folks that know what is and is not acceptable to the majority of lenders right now...
I live in VA and have a question about applying for a mortgage.
Over the years, both my spouse and myself have worked but all debt has been incurred under my name. Fast forward to today, my spouse no longer works, and we want to get a mortgage. Without her income, our debt-to-income ratio has suddenly increased as I'm the only one generating an income.
Nevertheless, I have a very good income and we want to purchase a home. So my question is this, if I want to be the only person on the mortgage, can I simply transfer a portion of debt from my name to hers since she is constantly bombarded with the 0% balance transfer loans and credit cards?
How will this play when we apply for a mortgage? Will only my credit and income be pulled, thus helping us out? Or will they still need to pull her credit and consider her debts as well?
I believe that somebody on here has said that FHA, regardless of where you live, must consider the debt of both spouses. What about another lender when trying to do an 80/15/5 loan?
Sounds ridiculous to those of us on the sideline here - it sounds like you are attempting to incur more debt than your income justifies in a time when the direct repercussions of this very idea (finding loopholes in loan programs) are crumbling entire lives around us - I am fortunate to live in a rural area where it is not as strongly felt but asking people how to get around the rules in order to borrow more money right now is going to bring some rocks flinging.
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