As you probably know I'm going thru a divorce. No problem but I need to know what to expect when i go looking for a new place to live. Here are a couple of questions:
1. My wife and I are both on both our car loans. Can I have it written into the divorce decree that we are both responsible for our own vehicles, their payment and upkeep without the other person being responsible for it? My thought is this puts me awful close to the limit, gross income vs. obligated expenses, when looking for a home. Will this type of documentatioin have any effect on what a lender decides?
2. As part of the divorce decree, my wife will pay me $10,000 for her half of our credit card debt (quit judging me, I need your help now!). Should I also present this to my "lender" and let them dictate what I should do with the money? Or, should I let them know what I will do with it (pay off 1 credit card completely) and see what they say?
Just a couple fo questions so give me your input either from personal experiience or as a lender/banker. Thanks, Greg
1. My wife and I are both on both our car loans. Can I have it written into the divorce decree that we are both responsible for our own vehicles, their payment and upkeep without the other person being responsible for it? My thought is this puts me awful close to the limit, gross income vs. obligated expenses, when looking for a home. Will this type of documentatioin have any effect on what a lender decides?
2. As part of the divorce decree, my wife will pay me $10,000 for her half of our credit card debt (quit judging me, I need your help now!). Should I also present this to my "lender" and let them dictate what I should do with the money? Or, should I let them know what I will do with it (pay off 1 credit card completely) and see what they say?
Just a couple fo questions so give me your input either from personal experiience or as a lender/banker. Thanks, Greg