poor decision?

[wildflower7]

My fiance'(sam) left his name on his former wifes house because she had bad credit.She also keeps her utilities on by using her children's and boyfriends name.We are clearing up Sam's past debt and poor credit status now.My question is,if she loses her home,or has any problem,will it effect his future credit,even though in the divorce court agreement,it says she is fully responsible?
Thanks
LCj.

 

[Michael Wechsler]

Once you tell me that your fiancee assisted someone else with bad credit I can easily answer "yes, that was a bad decision." Anyone should think about extending their reputation to someone who already has a bad credit reputation! The answer unfortunately, without seeing papers and just on the surface, is yes, Sam will have credit problems if she fails to pay the mortgage on time. The divorce agreement is trumped by the mortgage agreement, which states that the mortgage company can proceed against either party - they don't care who as long as they get paid. As such, Sam would have to pay the bills and seek his remedy against his ex in order to stay clear of further damaging his credit rating.

Best of luck to both of you...