Is there any way to scape bad credit history in a co-mortgage if my partner is unable to pay for his share?
My partner and I decided to buy together a home two years ago. He is unable to meet his financial obligations, and is considering to declare himself in bankruptcy. I can continue paying for my share, but definitely cannot pay for his. Is there any way I can escape from this loan without having a bad credit history? Any tips in how to avoid foreclosure or bankruptcy?
I am thinking of purchasing my first home next year. My credit score is at 720 and my credit history shows no delinquency, bankruptcy or anything remotely bad. I pay my credit card balances in full every month and have never a balance of more than 20% of my credit card limit. The only problem I have with my credit history is, that it is too short. My two credit cards are only four years old and my only installment loan has been one car loan (one year). Will my short credit history hurt my chances of getting a mortgage loan (especially now that lenders are tightening requirements)?