Posted on: 13th Feb, 2012 10:49 am
My wife and I are partners in rental properties with two other people. They were not married and had a bad breakup and now my wife and I are stuck with rentals that need constant work.
We tried a short sale on the grounds that one of the loser partners decided to file bankruptcy but the lender is not going to approve it.
My question is how will this affect my wife and I? We have never missed a payment on anything in our lives and have excellent credit(for now) so will we see a 200+ drop in our credit rating or are there other consequences we will see down the road.
Thanks for your time.
We tried a short sale on the grounds that one of the loser partners decided to file bankruptcy but the lender is not going to approve it.
My question is how will this affect my wife and I? We have never missed a payment on anything in our lives and have excellent credit(for now) so will we see a 200+ drop in our credit rating or are there other consequences we will see down the road.
Thanks for your time.
Hi Michaelh!
Welcome to forums!
If you and your wife don't file bankruptcy, then your credit reports will not see a drop in your credit scores. However, that the properties were included in bankruptcy filing will be mentioned in your credit reports.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you and your wife don't file bankruptcy, then your credit reports will not see a drop in your credit scores. However, that the properties were included in bankruptcy filing will be mentioned in your credit reports.
Feel free to ask if you've further queries.
Sussane
Hi Michaelh,
If your names are on the mortgages of those properties, then you will have to make the payments to the lenders on time. This will help you in saving your property as well as your credit.
Thanks
If your names are on the mortgages of those properties, then you will have to make the payments to the lenders on time. This will help you in saving your property as well as your credit.
Thanks