No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hello,
My mother and I are looking to purchase a house together but our broker told us they would have to run my dads credit aswell to ensure he had nothing on his report that can affect the loan process. We live in California and apparently here the "what's mine is yours and your is mine" rule is enforced. I checked my dad credit report and he has a tax lien we knew nothing about (my mom and I). My parents had seperated a few years back and got back together so this happened while they were each filing taxes seperate. Will this affect my mom and I in our home buying? We did not want him to be part of the process since we knew his credit was not the best but were told since he will be living with us they have to run his credit. Is this normal?
My information:
Credit Scores: Equifax 748, Trans 727 Exp 745
Collections outstanding: None
Income: 30000 a year
Source: Employed for 2 years at current job
Monthly debts: Amazon rewards CC Limit 2500 I owe 300 pay 60.00 monthly (min pymnt 25.00)// Cap One CC Limit 500 I owe 200, pay 75.00 monthly (min payment 25.00) Curacao line of Credit 450.00, I just finished paying this one off comepletly and am thinking of closing due to high interest.
Assests: 2000 in savings
Moms information:
Credit Scores : Trans 677
Collections outstanding: none outstanding, 2 were removed earlier this year
Income: 48000
Source: Has worked with the same compay 10+ years
Monthly debts: Car loan $575, 2nd car loan 500 ( my sister has paid for this one since the car was purchased), department store CC limit 1200, owes 400, pay 75 or more monthly (min payment 25)
Assets: 30,000 401 K she wants to take out half for the down payment
Any information would be appreciated.
Thank you
Since you are in CA, a community property state the answer here is state specific. In a non-community property state, all you would have to do is buy the house with your mom and you are fine, the lien would not attach. However, in CA my impression is that the lien will attach to your house so no one will give you a mortgage without it being satisfied. Check with a local titile company attorney, they will give you the definitive answer. The issue is not his credit, but whether the lien will attach to the property.
@Anonymous wrote:Hello,
My mother and I are looking to purchase a house together but our broker told us they would have to run my dads credit aswell to ensure he had nothing on his report that can affect the loan process. We live in California and apparently here the "what's mine is yours and your is mine" rule is enforced. I checked my dad credit report and he has a tax lien we knew nothing about (my mom and I). My parents had seperated a few years back and got back together so this happened while they were each filing taxes seperate. Will this affect my mom and I in our home buying? We did not want him to be part of the process since we knew his credit was not the best but were told since he will be living with us they have to run his credit. Is this normal?
My information:
Credit Scores: Equifax 748, Trans 727 Exp 745
Collections outstanding: None
Income: 30000 a year
Source: Employed for 2 years at current job
Monthly debts: Amazon rewards CC Limit 2500 I owe 300 pay 60.00 monthly (min pymnt 25.00)// Cap One CC Limit 500 I owe 200, pay 75.00 monthly (min payment 25.00) Curacao line of Credit 450.00, I just finished paying this one off comepletly and am thinking of closing due to high interest.
Assests: 2000 in savings
Moms information:
Credit Scores : Trans 677
Collections outstanding: none outstanding, 2 were removed earlier this year
Income: 48000
Source: Has worked with the same compay 10+ years
Monthly debts: Car loan $575, 2nd car loan 500 ( my sister has paid for this one since the car was purchased), department store CC limit 1200, owes 400, pay 75 or more monthly (min payment 25)
Assets: 30,000 401 K she wants to take out half for the down payment
Any information would be appreciated.
Thank you
is the tax lien a manageable amount?
can he start paying?
if under $25,000 and he sets up a payment plan with the irs using AUTO DEBIT.... they will remove the lien.
I believe it is 15,000 and he has been making payments on it since July of this year. I do not believe its on auto pay, I will look into that.
Thank you