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leevan831 · Joined: 20 Apr 2011 Posts: 1 1.30 Dollars($)

Im going thru a divorce I have mortgage in my name only but my husband is on the deed,he wants me to short sale or deed in lieu I am trying to protect my credit rating so I can quickly get in more affordable house what to do?

dipaligopale · Joined: 25 May 2010 Posts: 790 22.70 Dollars($)

Hi leevan831,

Welcome to mortgagefit,

If your husband is ready to pay the deficient amount if you opt for short sale then you should go ahead with it.But if he refuse to do so, you should ask him to refinance the mortgage on his name only..you should get the divorce decree done and mention this clause in the decree in order to safeguard your interest (credit).
As far as DIL is concerned ,your score will be dropped by 250 base points
so i will advice you avoid it as far as possible and you should only ask your husband to refinance on his ow.If he is not able to qualify for it,you should continue with the current situation and should put a clause in the divorce decree that once he qualifies for the refinance he should do it (some time frame) in order to save you from drop in the credit score.

Feel free to ask any further query if you have...

DIPA

smithsussane · Posted: Wed Apr 20, 2011 8:53 pm Post subject:

Hi leevan!

Welcome to forums!

A short sale or a deed in lieu of foreclosure will both have a negative affect on your credit report. You can offer a certain sum of money to your husband and ask him to transfer the property solely to you. Thus, he won't be liable for the property any more and you won't have to sell off the property.

Feel free to ask if you've further queries.

Sussane

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I am on the mortgage loan only and my husband is on the deed with me we are divorcing I need to know how to save my good credit rating

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