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husbands credit score in DIL

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sunnydays Guest	Posted: Wed May 05, 2010 9:46 am    Post subject: husbands credit score in DIL Like 0 Dislike 0 After all of our streams of income starting drying up my husband and I decided we needed to relocate to a more properous part of the country. I've stayed with the kids for this school year, but am now looking forward to being reunited with him in our new town. We got our current mortgage in '07 in my name only, and are tenents in common on the deed. Although we put 25% down on 400k home very little of that equity is left after market "dump." We have decided to let my credit take the hit and do a deed in lieu. My question is: there shouldn't be anyway that this decision will affect his credit score? correct? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Sandra Guest	Posted: Thu May 06, 2010 4:44 am    Post subject: credit score Like 0 Dislike 0 Hi Sunnydays, Can you tell the state where you live in? If your's is a community property state then this may hurt your husband's score too. However, if it isn't a community property state, then this may not hurt your score. Community property state is the one where both the spouses are held responsible for debt incurred by one. However, if the debt was incurred before the marriage then it may not be the same. That is both will not be held responsible for debt incurred by one. Thanks, Sandra
Guest	Posted: Thu May 06, 2010 4:30 pm    Post subject: Like 0 Dislike 0 We are in Michigan. We were not married when we purchased the home, but have married since. The deed is Tenants in common, as we both have children. Thank you! _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu May 06, 2010 11:17 pm    Post subject: Like 0 Dislike 0 Hi Guest! Welcome to forums! If your husband's name is not mentioned in the mortgage docs, then the deed in lieu of foreclosure will not be mentioned in his credit report. Thus, his credit report will not be affected due to this. Feel free to ask if you've further queries. Sussane

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