Can my new wife's foreclosure affect my credit if the loan of the house is in her name

Sacramento, CA Viewed 1135 times. Posted about 1 year ago in Foreclosure

Foreclosure credit question: Can 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? - Is this your question? Add additional information

Answers (1)

Lu Ann Trevino

This attorney is licensed in Texas. Posted about 1 year ago.

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.

Related Foreclosure questions

I have a home foreclosure and three vehicle that were "taken back." Two Questions Regarding This: - Can I do anything to help these items look better on my credit report? And also, what lengths can... more
1 answer. Lancaster, PA. Viewed 64 times. Posted 4 months ago in Foreclosure

Complicated CT foreclosure question - My mother and I have a mortgage serviced by Countrywide &... more
1 answer. Mansfield Center, CT. Viewed 88 times. Posted 12 months ago in Foreclosure

serious question re: creditors , foreclosure, judgement - We are in foreclosure in our home of 18 years with small kids.Well our 2nd, Century, we had a home equity line of credit with, got a... more
1 answer. Tampa, FL. Viewed 19 times. Posted 6 days ago in Foreclosure