Credit Card Center Advertiser Disclosure

Posts: 5
Registered: ‎06-23-2013
0 Kudos

Loan Officer overlooked debt


I'm in the process of looking for a home. I have had one issue after the other and every time I clear something up something else happens. Anyway, my loan officer called me after I've jumped through every hoop and told me she forgot to look at my husbands debt. We are separated which is a long story but I am doing this on my own. His debt is counted against me. How do they calculate this. I barely qualified for enough too begin with in Californians market. I wanted to get a nice condo I was at 175,000 before. She told me to come in because its going to make a big difference. I just want to get a grasp on how to calculate what I might qualify for now.

Established Member
Posts: 45
Registered: ‎04-15-2013
0 Kudos

Re: Loan Officer overlooked debt

Personally, per your statement that you are seperated you probably need to wait until your divorce is final before you buy a home. Being seperated they can use your husbands debts against you since you are technally still married.  While seperated, your husband can file in the divorce agreement that he wants the home.  A seperation agreement doesn't hold much for you or against you.  While I was seperated my ex decided to take our new car. I trusted him to pay the insurance, he did not. He got in a car accident while having no insurance, got a DUI AND I ended up owing that debt of $20K for a totalled car.  Believe me, get divorced first.  I had to file bankrupcy in my 20's. 

I don't know what California laws are but you need to make sure you are covered in areas. I would hate to see you lose your new home in a divorce agreement. 



Score Avg 651

Valued Contributor
Posts: 2,302
Registered: ‎08-25-2011
0 Kudos

Re: Loan Officer overlooked debt

What they are going to do is count all of his debts against your DTI, car payments, credit cards, student loans..... everything..


The only way around this is to go conventional or get divorced.

Valued Contributor
Posts: 2,667
Registered: ‎03-03-2008
0 Kudos

Re: Loan Officer overlooked debt

sounds like finalizing the divorce is how you get your new condo!  nothing's final until the ink dries and the CR's are updated.  keep in mind he could also try to gain 50% of your new asset in the divorce calculation as well.  

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.