Home arrow Mortgage Forums arrow Forums: Learn from other's experiences arrow

California Foreclosure

Author Message
makatm

Guest







Post Posted: Mon May 10, 2010 8:03 pm    Post subject: California Foreclosure
Like 0
Dislike 0

My wife and I live in California and we are considering walking away from our home. I am not on our current home loan, but I am on the title. What will be the effect on me if we do walk away? Can I qualify for a new home loan without her on the Loan? Will my credit take a hit was well because I am on the title?

We appreciate any info, and thanks in advance for any help.

_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile sara
sara
Moderator



Joined: 05 Jul 2006

Posts: 2694
Location: New Brunswick, New Jersey
496.42 Dollars($)
Post Posted: Tue May 11, 2010 2:17 am    Post subject:
Like 0
Dislike 0

Hi makatm,

As your name is not mentioned on the mortgage docs, walking away from the property will not affect you. After you walkaway from the property, the lender will foreclose it. If the mortgage is in your wife's name, then her credit score will get lowered by 250 points.

You will be able to get a new loan though your current property gets foreclosed upon. This is because your name is not mentioned on the mortgage docs.

Take care.

_________________
Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights

Bookmark this page

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators

     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (252)











We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.056 seconds.