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Can a mortgage company use my debt when my husband gets a mortgage; debt is prior to marriage.
Underwood, WA
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Posted 2 months ago in Debt / Lending Agreements
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My husband is purchasing land/home in his name only and the mortgage company wants to pull my credit and use my debt. They say they have to, but the little bit of debt I have left is all prior to our marriage and my income covers it with no problem. I live in the State of Washington and was wondering if this was legal?
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Kara O'Donnell
This attorney is licensed in Massachusetts.
Posted 2 months ago.
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The mortgage companies approve or deny applications based upon the recommendations of their own underwriters. In the past year, granting of credit has tightened across the board and more strict guidelines were adopted by most mortgage companies. There exists no law which governs how mortgage companies use information to make their decisions - it is a private business after all. Your options are to go to another mortgage company which would make the decision and leave out your debt. However, you might find that most mortgage companies must consider the debt of each spouse (household debt) when determining how much money is left at the end of the month to be available to pay the debt on Husband's new property.
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