Posted on: 23rd Oct, 2008 07:57 pm
[center:a34711d88d][size=12:a34711d88d][color=DarkRed:a34711d88d][font=Times New Roman:a34711d88d]My husband has a home thats currently about to go through foreclosure. He had the home before we married and I am not on the loan or deed. He has owned it for about 5 years and he is renting it out but the tenants got behind causing the foreclosure process. How will this foreclosure affect my credit and new home. We have no joint accounts and he is not on my home loan but is included on my deed..... I purchased this home last year before we got married...any advice? :( [/font:a34711d88d][/color:a34711d88d][/size:a34711d88d][/center:a34711d88d]
Hi chanel!
I don't think the foreclosure will affect your credit in any way. This is because you are not on the property deed or on the mortgage. So you will not have to worry about that.
However, I would like to ask you if the home is already foreclosed or not. Has the lender already sent the foreclosure notice to your husband? If not then he may try for a deed-in-lieu foreclosure or a short sale. This will have a less impact on his credit score.
Thanks.
I don't think the foreclosure will affect your credit in any way. This is because you are not on the property deed or on the mortgage. So you will not have to worry about that.
However, I would like to ask you if the home is already foreclosed or not. Has the lender already sent the foreclosure notice to your husband? If not then he may try for a deed-in-lieu foreclosure or a short sale. This will have a less impact on his credit score.
Thanks.