Hi Ladies,
So, I am stressing myself out bad. We have a meeting tonight with a broker to discuss financial options to buy our first home!! I cannot talk to my family about this because I have a fair amount of dept due to helping out one family member and them not paying me back when they said they would. I am so worried this debt is going to stop us from being able to go ahead with this and can't mention it to my husband because he is likely to go off at said family member :( has anyone been in similar situation and had it work out or did you go away feeling like rubbish because you were silly enough to let someone close to you use you?
Home loans with previous debt
Home loans with previous debt
Posted in:
Money
3 Replies
I would definitely talk to your husband about it - he needs to know. The mortgage broker is likely to advise clearing the debt before applying for a home loan - there aren't many banks out there who would loan to someone with a large amount of personal debt. I would be very upset if my husband had debt I didn't know about. We have been in a similar situation to you - my husband took out a credit card loan to help a family member avoid bankruptcy (it didn't work - they went under anyway). We ended up paying 40k for this, before we even considered home loans. The difference was I knew about the loan and we both worked our arses off clearing it.
He knows about It, has known since before we were even in a relationship. I mean he has previously said he would like to go off at said person because of the stress it has caused me..
I believe you'll have to clear the debt. We were each working full time permanent jobs, not paying rent, had no outstanding secured or non-secured personal loans, I had a Myer Card with nothing owing on it, he had a GE card with about $5,000 owing and I had to pay out his credit card for our home loan to be approved.