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How will foreclosure impact me?

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janniejan2 Joined: 20 Jul 2010 Posts: 1 1.47 Dollars($)	Posted: Tue Jul 20, 2010 1:40 pm    Post subject: How will foreclosure impact me? Like 0 Dislike 0 I live in California and my soon to be ex husband lives in Ohio. I lived with him in Ohio during our marriage from 2006 to 2009. I moved to California in April 2009 (abusive situation) and started divorce proceedings in November 2009 (had to be a resident of California for 6 months before I could file). I expect it to be final in a couple of weeks. I just found out that my husband let the house go into foreclosure. I received court paperwork naming me as a party co-defendant in the foreclosure. I have never been on the loan for the property but my husband put me on the deed with him. I was on the deed for about 2 years. When I called the lender's attorney to see what to do, he said to file an Answer stating that I don't have anything to do with the property or the husband and I don't care what happens to either. My question is, how does this affect me? Am I financially responsible regarding his loan repayment? How does this affect my credit report and score? What impact will this foreclosure have on my future ability to buy a home. My credit is important to me and always has been. I have an extremely high credit score and my report is impeccable because I keep it that way by doing the right thing where credit is concerned. Thank you for your help.
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Tue Jul 20, 2010 8:22 pm    Post subject: Like 0 Dislike 0 Hi janniejan, If your name is not mentioned on the mortgage docs, then the lender won't be able to come after you for the deficient balance resulting from the sale of the property. Thus, your credit will not get affected due to the foreclosure on the concerned property. However, you'll lose the property after the foreclosure. Thanks

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