foreclosure

Guest 0.10 Dollars($)

hi
I would like to know if only my name is on the mortgage and I file bankruptcy and they foreclose on the house, even though my husband's name is not on the mortgage will it still affect his credit. I think his name is on the deed though not the mortgage.
dorothy

kpatrick · Posted: Tue Nov 13, 2007 7:56 pm Post subject:

Hi Dandkidz,

I don't think that this will hit your husband's credit, because although he is half owner on the deed, you are the only one obligated on the mortgage. Anyone else here have input on this?

Kim

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

Hello Dandkidz,

Filing bankruptcy will not affect your spouse's credit if he is not listed jointly on any of your debts. If he is the co-signor on any loan or debt, he will become responsible for the entire debt if your responsibility is discharged in bankruptcy.

If your spouse is the co-owner of any property along with you, this might affect his credit.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Dandkidz,

Actually the answer is not so easy. As you have said "husband's name is not on the mortgage" but his name is on the deed. So as you are the joint owner of the property, your husband's credit will be affected to a certain extent for filing bankruptcy.

Is it a community property? If it a community property and you have incurred the debt during your marriage, it will be considered as debt of the community. In that case both of you are responsible for paying off the debt and so filling bankruptcy will lead to affect both of your credit.

Now I would like to know which kind of bankruptcy have you filled- chapter- 7 or chapter 13 so that I can help you further?

Thanks,
Larry

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