will my foreclosure affect my wifes credit?

Hi Nik,

Is your wife on the loan? In case she is on the loan her credit will be affected by the foreclosure. Otherwise, her credit should be fine. The bank can put a lien on your other properties or can sue you for the difference and get a judgment against you. It's better to negotiate with the lender and come to a settlement regarding the deficiency.

Thanks,

Jerry

I purchased a house with my husband, we then refinanced but when we refinanced the mortgage company only refinanced under my name. On credit reports the house only shows up under my name, but they informed me his name is still on title. We are now way upside down on our loan I have lost my job and other circumstances, if we happen to foreclose this house (which i hope doesn't happen) will the foreclosure affect his credit also?

that's very confusing, hopefull. when you purchased the home, how did title read? is it originally in both your names? has there been a transfer since you purchased, resulting in you being the sole owner?

if you are sole owner, and also the sole borrower on your mortgage, then his credit standing should not be impaired. however, having said that, i'll add that we need far more information than you've provided in order to make a more solid statement.

My fiancee has a foreclosure and we are getting married. We are purchasing a house completely off of my credit as to not affect my credit. We are thinking about opening a joint account at the bank. Will this affect my credit score as well? Will his foreclosure appear on my credit if we open a joint account?

Thanks,
Ruby

joint bank accounts have nothing to do with credit reports. a foreclosure that took place in the past and which had nothing to do with you, ruby, cannot jump onto your credit report.

you need not worry about these things.

our house has been n the market for more than one year with no hope of selling in the winter months. My husband is not on the tilte or the loan but wants me to let it go before we loose all our savings. I do not want to let it go. Suggestions? If it was in his name only he would have let it go to foreclosure.

hi dena,

as you are the only person on the title and the loan, you are alone responsible for the mortgage debt. it is up to you whether you let the house go into foreclosure or keep it. if you can afford the mortgage payments, you can keep the house and protect your credit from being hit by a foreclosure. if you do not want to keep the house, you can go for other loss mitigation options like a deed in lieu foreclosure.

If my house goes into foreclousure can they garnish my pension and
social security

Hi,

Your lender can come after you for the deficiency from foreclosure. But they cannot garnish your pension and your social security income. These are immune from garnishment as per law.

IF THEY FORCLOSE I KKNOW THEY CAN'T TOUCH PENSIONS OR MY EARNINGS FROM MY JOB BUT CAN THEY TOUCH ANY ASSESTS FOR
EXAMPLE 401K CD OR ANY BANK ACCOUNTS ( CHECKING SAVINGS) I LIVE IN CLARK COUNTY HENDERSON NV 89012
THANKS

Hi Sylvia,

Lenders cannot come after your pension or 401k accounts. But they can come after your saving or checking accounts. If there is deficiency from the foreclosure sale of your house, your lender can get a deficiency judgment against you. He can then go after your wages, put liens on your other properties or can take money from your bank accounts. Pension, 401k, social security income, etc. are exempt from judgments.

Thanks,

Jerry

Hi
My husband and I are going through foreclosure on our primary house and only his name is on the note. My father is buying a house for cash and putting my name on it also with right of survivorship. Will the foreclosure in any way put at risk the house my father and I are getting?

If your father's name and your name are not mentioned on the mortgage deed, then the foreclosure will not affect both of you. It is your husband's credit that will get ruined if the property is foreclosed upon.

i am married and signed a quit claim deed to take my name off what i thougt was the title before a lein in my name hit it. five years after the quit claim was recorded my husband is showing several leins on the title....can they place a lein on the title in my name if i signed a quit claim deed?

Welcome Cheri,

If the property is not in your name, then your creditors cannot place a lien on it. If they have done so, it won't be considered as legal.