What happens if my fiance gets foreclosed on

your personal credit score won't be affected one way or another if you become married, you'll both keep your individual credit scores.

As for the house, I assume you're both on the mortgage note for the Condo? If you are, and you default on the Condo mortgage, the lender may foreclose, sell the condo and then come after you both for any shortfall. this debt will remain and while they couldn't technically force you to sell the new house (as the condo loan isn't secured against that property) they could still persue recovery of the condo mortgage shortfall in other ways. If you don't pay that debt off it will affect both of your credit scores.

You could look at a Deed in Lieu, which the lender may accept in settlement of the loan, but if the condo has dropped a great deal they may not accept that.

alternatively you could foreclose on the condo then look at a Ch7 bankruptcy to clear the shortfall, but this would severely hurt your credit.

I'm not 100% clear on CH7's, so I'm not sure how it would work if you'd already bought the new house, then declared CH7 bankruptcy, I don't THINK they can force you to sell the new house under the CH7 but I'm not sure.

congratulation in advance to kmyjean2000...... you both are ready to your individual credit scores ... i dont think there is any problem with that... riseabove give you a such a nice information ..you can go for it ...
thank you .. :)

I am not on the mortgage for the condo. Thats why I wondered if it would be better for us if I buy before we get married and if they could come after me for a foreclosure that happens before we get married?

kmyjean, i think you're making a reasonable decision to attempt to make a purchase on your own. i don't know how bankruptcy got into this discussion, but it surely won't be applicable, based on what you've said.

no lender would have any recourse against you for a debt that belonged to your fiance. your new property would be yours alone; they can't harm you as a result of the foreclosure or deed in lieu, whichever happens; and your credit will not be impacted by the resolution of the condo, no matter what it is. you can only be asked and/or required to pay for something on which you are obligated. if you don't owe money, you don't owe money...it's that simple.

What would happen if I bought a house before we got married but his condo didn't go into foreclosure until after we are married? So if I bought a house now, he stopped paying his mortgage, and then we got married in July, I don't think he would go through a full foreclosure by July, Right?

my answer still applies. if you don't owe his lender any money, they cannot ask you for any. if he's not on the deed on the new purchase, they have no further recourse against him as regards the condo.

on a similar note, my fiance has lost his job and the house is going to be foreclosed on. If after we got married i bought a house in my name alone, would have still have to wait the 3-5 years to get a lone because of his foreclosure, or would that not apply to me? I would be buying a house after we are married, not before. Im hoping if the loan is only in my name we will not have to wait so many years to get a new home.

Hi Engagedaswell,

Your name is not mentioned on the mortgage docs of your partner. In such a situation, your partner's foreclosure won't affect your chances of getting a loan. You can contact the local lenders and apply for a mortgage. You won't have to wait for 3-5 years.

Thanks

If my fiance's house forcloses after we get married will she be required to pay back money to the mortgage lender?

Hi illnameit,

No, your fiancee won't have to pay back your dues to the lender as her name is not mentioned on your present mortgage docs.

Thanks