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California Foreclosure

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makatm Guest	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
sara Moderator Joined: 05 Jul 2006 Posts: 2694 Location: New Brunswick, New Jersey 496.42 Dollars($)	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

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