If my wife does a deed in lieu of forclosure will it effect

ratrod · Joined: 11 Nov 2008 Posts: 1 1.35 Dollars($)

If my wife does a deed in lieu of forclosure will it effect my credit ?...I recently got married and had a child. My wife had moved in with me from her condo and quit her job to stay home with the children. We have been unsuccessful in trying to sell her property over the past year. And we can no longer afford to make payments on both properties since she is no longer working. She had purchased her condo before we knew each other and my name is not on her mortgage anywhere. We were wondering if we do a deed in lieu of foreclosure will it affect my credit? Will the mortgage company be able to come after my assets, bank accounts, etc...? Is this the best thing to do in our situation?

jameshogg · Posted: Tue Nov 11, 2008 7:55 pm Post subject:

Hi ratrod!

The deed-in-lieu foreclosure will not affect your credit as your name is not on that property. I do not think that the mortgage company will come after your personal assets. You can try renting the house. This will also help you in paying the mortgage for the property.

Thanks.

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