No. of Recommendations: 0
I would like to buy a house in the next 2-years or so, but forsee problems.
1) My wife (we're recently married) had a short-sale on her house in 1996 (i.e., the lender foreclosed, sold the house, and took a haircut on the mortgage). Obviously, this is on her credit history and she has had trouble obtaining credit ever since.
2) My credit history is relatively clean (need to confirm as the bastards at American Express may have noted my record when my corporate card went late - they got paid + penalties). I discharged a $90,000 mortgage 10-years ago (sold the condo), and never had a credit card balance or outstanding loan in 10-years.
Our application for a crummy joint checking account with Citibank (good stock, hate them as a bank even though I'm a customer for 20+ years) was denied (likely based on my wife's history), and I can just see problems ahead with a mortgage. I intend to put down over 50% in down payment, but still need to apply for a large mortgage ($160,000+). I could apply in my name only, but the house won't be joint property (which may create some maritial problems).
What do Fools out there have to say about 1) how long a short-sale or any big credit problem persists, and 2) on my need to get a mortgage when I go house hunting.
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