Posted on: 27th Dec, 2011 04:29 pm
The property is in Arizona and the deed is in my name and my husbands name in joint tenency, purchased in 2003.
The bank refi'd the loan in 2008 and only my name is on the loan.
My husband & I are getting a divorce and he lives in the house and has stopped making the loan payments.
It has posted negatively to my credit report but not to his.
Can the house be forclosed on or loan modified or short saled with his name on the deed??
The bank refi'd the loan in 2008 and only my name is on the loan.
My husband & I are getting a divorce and he lives in the house and has stopped making the loan payments.
It has posted negatively to my credit report but not to his.
Can the house be forclosed on or loan modified or short saled with his name on the deed??
Who over is one the loan, their credit will be affected. If you are not on the loan, then your credit will not be affected, and vice versa. The loan can be foreclosed. If you are trying to do a loan mod, or short sale, who ever is on the loan, needs to initiate the option. Hope this helps.
Hi Guest,
As your name is on the mortgage, you're responsible for the mortgage payments. If the mortgage payments are not made on time, then the lender will foreclose the property and the late payments will have a negative impact on your credit report. If you want to save the property, then you can go for the option of loan modification and get better repayment plans to pay off the debts. If you want to get rid of the property, then you need to apply for a short sale. It will be the lender's discretion whether or not he will consider your request.
As your name is on the mortgage, you're responsible for the mortgage payments. If the mortgage payments are not made on time, then the lender will foreclose the property and the late payments will have a negative impact on your credit report. If you want to save the property, then you can go for the option of loan modification and get better repayment plans to pay off the debts. If you want to get rid of the property, then you need to apply for a short sale. It will be the lender's discretion whether or not he will consider your request.
