Posted on: 23rd Apr, 2009 08:17 pm
We are married couple living in fla last 5 yrs.
My wife is on both our 1st morgage and the 2nd "line of credit". I am only listed on the Title as ""tenancy by the entirety""
If she decide to stop making payment to get the lender to modifity the mortgage or even walk away from our home since its underwater over 200k
Does it effect my credit rating???
I would then turn around sell me business up north and purchase another home with the funds and place everything under my name. Is this possible since I am not on the current loans however I am listed on title .
Please advice
Thanks
My wife is on both our 1st morgage and the 2nd "line of credit". I am only listed on the Title as ""tenancy by the entirety""
If she decide to stop making payment to get the lender to modifity the mortgage or even walk away from our home since its underwater over 200k
Does it effect my credit rating???
I would then turn around sell me business up north and purchase another home with the funds and place everything under my name. Is this possible since I am not on the current loans however I am listed on title .
Please advice
Thanks
hi genestoneybrook,
if your name is only on the title and not on the first or second mortgage, your credit will not be affected. if she decides to walk away from the property, her credit will be ruined, not yours and you would be able to qualify for a new loan, provided you have good credit and income.
if your name is only on the title and not on the first or second mortgage, your credit will not be affected. if she decides to walk away from the property, her credit will be ruined, not yours and you would be able to qualify for a new loan, provided you have good credit and income.
thanks .
Looks like the only papers I signed was the mortgage that was recorded with the county clerk. I found copy of the ""note ""in the file and and my wife only one that signed it.
So I am guess all my funds and LLC are safe .
Looks like the only papers I signed was the mortgage that was recorded with the county clerk. I found copy of the ""note ""in the file and and my wife only one that signed it.
So I am guess all my funds and LLC are safe .