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Can my new wife's foreclosure affect my credit if the loan of the house is in her nameCan my new wife's foreclosure affect my credit if the loan of the house is in her name.? We can afford the mortgage but now want to walk away because of value losses. We live in CA and my understanding is that we have a non-recourse loan so we shouldn't be liable in terms of my assets. Any ideas? Attorney answers (1)
Why would you walk away? You should consider loan modification with the lender which doesn't want your house anyway. Besides, you have to live somewhere and it isn't likely to be free. Just because the value is down now that does not mean it will never go up.
Her foreclosure should not hurt your credit, but it will make it difficult for you to buy a home together in the future. 12 people marked this answer as good
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