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Does a deed in lieu affect the credit of both individuals in a marriage if only one person is on the mortgage?

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nieckeri Joined: 16 Aug 2009 Posts: 4 2.65 Dollars($)	Posted: Sun Aug 16, 2009 9:17 pm    Post subject: Does a deed in lieu affect the credit of both individuals in Like 0 Dislike 0 I just recently got married. My husband and I each own a home. If he decides to go for a deed in lieu, will it affect my credit? He is not currently on my mortgage loan. If I put him on my mortgage before he does this, will it affect my credit as well?
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Sun Aug 16, 2009 9:58 pm    Post subject: Like 0 Dislike 0 Hi nieckeri, If your husband does a deed in lieu, it will not affect your credit score in any way. However, if you both are on the loan the deed in lieu will affect your credit scores. If he does the DIL and he's the only person on that loan, it will affect only his credit. In case you add him to the mortgage, which is in your name, your credit should be safe. The two mortgages are different and deed in lieu on one of them does not affect the other. But if you default on your loan, it will definitely affect your credit score.
nieckeri Joined: 16 Aug 2009 Posts: 4 2.65 Dollars($)	Posted: Mon Aug 17, 2009 12:23 pm    Post subject: Like 0 Dislike 0 If I added h im onto my loan before he does the deed in lieu, would it help to rebuild his credit faster? Do credit laws vary between states? Should we contact professionals (lawyer, credit counselor,etc) before we start this process?
jerry Moderator Joined: 17 Oct 2005 Posts: 2619 Location: MICHIGAN 415.87 Dollars($)	Posted: Tue Aug 18, 2009 3:19 am    Post subject: Like 0 Dislike 0 Hi nieckeri, Your credit will not be affected if you add your husband to your mortgage. His credit will take a hit if he does a deed in lieu on his loan. But it will not influence your scores. If you add him to your loan it will help him build his credit, provided the payments are made on time. The credit laws are more or less same in every state, but there are certain things that do vary from one state to another. You should definitely discuss this with a lawyer or a credit counselor before you start this process. Thanks, Jerry

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