Will Spotty Credit
Sink Your Aspirations?

Question: Because I have poor credit and filed for bankruptcy in the past, my wife bought our home on her own, and secured a mortgage with her good credit. We would like to keep all of our accounts separate so that my poor credit doesn't tarnish her good reputation. Is there any way for her to have the home placed in my name instead of hers? Where do I go to assess my ability to obtain a mortgage?

-- Jim, Astoria, N.Y.

Jim: The attorney who handled your bankruptcy should be able to tell you how to keep your accounts separate as you move forward. And you are right -- it is very important to protect your wife's good credit.

You can get preapproved in a wide variety of places. Start with E-Loan Inc., Homestore.com or another web lender. You can also find help by looking under "mortgage brokers" (not mortgage bankers) in the phone book.

But be careful of "quickie" approvals. Though some loan brokers will simply qualify you over the phone and send you a letter saying you are approved, chances are that you haven't been approved for anything with such firms. You need to get approval from a lender that has, at the least, run a three-bureau credit check. Even then, the approval you obtain will be contingent upon verifying your employment status and the amount of cash you have on hand.

-- Mr. Irwin has more than 25 years' experience as a Los Angeles-area real-estate broker. He is the author of more than two dozen books about real estate and is recognized as one of the most knowledgeable writers in the real-estate field. Mr. Irwin's most recent book is "Tips and Traps When Renovating Your Home," (McGraw-Hill, 2000).

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