Question : How would foreclosure effect my spouse's credit whose name is not on the mortgage?
My business was severely impacted by the economy, and I'm now facing foreclosure. When we signed our mortgage, my name was the only one recorded. How would the foreclosure effect my spouse's credit. We live in California if that matters. Your answers will be most apppreciated.
- asked by Jack D
All Answers:
Answer #1
Your spouse is just that. You are recognizedunder the law as being connected. This gets farmore complicated depending on your circumstances,if you live together under the same roof, if youfile taxes jointly, the length of time you havebeen married, when the mortgage was assumed onyour part, in short, you need to talk to atax/bankruptcy attorney to minimize the effect onyour spouse. The shortest answer is yes, yourspouse will be affected, to what degree, you needan attorney to tell you based on your specificcircumstances.
- answered by db
Answer #2
If your spouse name is not on Mortgage loan thenno!
- answered by Shane F
Answer #3
From our research, foreclosure should not affectyour spouces credit if their name is not on themortgage.
- answered by acohen203
Answer #4
You can use this credit monitoring service topre-estimate future scores for different scenariosof such payments. - creditreport.fateback.com
- answered by Bill U
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