Posted: 8/12/2011 1:53:28 PM EDT
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Was married in July, my new wife resides in Ohio, where I am in the process of moving to, owns her home, no one on deed but her.
I own a home in PA, am only person on the deed. I have not worked for nearly two years due to 3 failed spinal surgeries, and my income is 1\3 of what it used to be. I am trying to sell my home or work out some kind of deal with PHFA. Bottom Line: If, regrettably, I was foreclosed upon, would it affect HER credit rating? Also, I am not a dead-beat, have had same good job for almost 33 years, things beyond my control and health happened. Would appreciate any good answers, however, I suspect she would not be affected as neither of us are on the others deed\mortgage. We purchased our homes before we even knew each other, also, "Have a Great Weekend!" Thanks for taking the time to read my post. |
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My suspicion is no, it won't affect her, but I'm not an expert on credit reporting. That is as long as you maintain separate finances. If you both apply for a new mortgage they will use your presumably lower credit score, or if she cosigns something with you and there are late payments etc there could be a problem. edit please note this is not General Discussion and keep the responses relevant and appropriate.
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Quoted: Thank You All, and I will apply the usual disclaimer: "The advice I am receiving is worth what I paid for it."  Will work out, always does. Thanks Again. I don't know how it works in PA, but here in IL, there are companies who specialize in short sales of homes in danger of foreclosure. Essentially, they swoop in and buy the home outright for way less than its worth. They give you what you owe on the home, allowing you to get out from under the debt without actually getting the home taken from you. Then they fix up the home a bit, and put it back on the market for $10-20K more than they paid. Some view these companies as predatory, but the reality is that many of these companies are helping save people's credit, by buying the home when no one else would. I suggest that if you are really in danger of being foreclosed on, you look into finding a reputable short sale company and if you can, have a lawyer help make sure that things are done in a way that is in your best interest (in terms of helping save your credit). Just my thoughts, my mother used to work for a short sale company for a time, so I learned a lot about how they operate (at least, here in IL). |
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Thank You, again for the advice; trying to swing a deal where my Son can take over.
I am trying hard to make it all work out, probably said three times now, am not a dead-beat and going to walk away. HUD help will not be applicable as I was just married. Going to chill out for weekend and get my stress level down. Just Hurts me, worked Hard all my Life, however, as I stated, things work out! |
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Quoted: Thank You, again for the advice; trying to swing a deal where my Son can take over. I am trying hard to make it all work out, probably said three times now, am not a dead-beat and going to walk away. HUD help will not be applicable as I was just married. Going to chill out for weekend and get my stress level down. Just Hurts me, worked Hard all my Life, however, as I stated, things work out! Despite the rhetoric here on ARFCOM, many of us know that there are unfortunately lots of honest, hardworking men and women who didn't make irresponsible choices and are still facing foreclosure and some very difficult times. Hang in there. |
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*Not legal advice* Nope , if you're the only one on the mortgage it will only effect your credit rating. Furthermore if you have any loans in the future together, your credit will effect the combined score, which may mean that she will have to get most loans in her name only. *Not legal advice*
When you decide to stop paying, have the agent list it as a short sale, cut the price down to as low as it will take to sell and go about it that way. The bank *should* allow it to be sold for less ,and your credit score won't be hurt as much. |