Posted on: 31st Aug, 2010 04:33 pm
My friend and I purchased a home in Atlanta 3.5 years ago for $360,000 and have 2 loans 80/20 all interest. We need to leave the home. It is now worth $225,000. The mortgage is in his name only, but we do split the mortgage payments, and both declare it on our income taxes for deductions.
My name is on the title only, we are thinking of filing for foreclosure, will it affect my credit score as well as his?
My name is on the title only, we are thinking of filing for foreclosure, will it affect my credit score as well as his?
Hi joseph venturainatl,
Here in this situation,only your friend's credit will be hampered.Your credit will not be hampered because you are not on the mortgage.
DIPA.
Here in this situation,only your friend's credit will be hampered.Your credit will not be hampered because you are not on the mortgage.
DIPA.
Thank you DIPA.