will my foreclosure affect my wifes credit?

I am being foreclosed on, on a house I owned with my ex-husband, both our names are on the loan and title/deed. I am newly married. If I get a joint account with my new husband can they take any of the money out of that account that I opened with my new husband?

Hi Lynda,

Your query has been replied to in the given page:
http://www.mortgagefit.com/foreclosure/exhusband-title-loan.html

Take a look at it. Hope it helps you.

Sussane

my house was foreclosed on, will this affect my federal tax return? can they take my tax return for any of the monies owed? also if i owned the house with my ex-husband and he files bankruptcy the entire debt is my responsiblity, what if i also file bankruptcy, what will hurt my credit more, foreclosure alone and just let the balance stay in collection or filing bankruptcy?

Hi Linds!

Welcome to forums!

You can use the Federal tax return to pay off the deficient balance resulting from the sale of the property. A bankruptcy filing will have similar affect on your credit report. Just because you owned the property, it won't affect you much. If you want to get rid of the collections, you can file bankruptcy.

Feel free to ask if you've further queries.

Sussane

Linds, the answer is "no" to whether or not they can take your tax refund. As for the bankruptcy filing, it would worsen your credit standing, generally, because it would be in addition to the foreclosure. Will it devastate your score? No. You mentioned nothing about collections, other than the mortgage lender possibly seeking payment from you down the road. I don't think that's a likely scenario anyway.

In Colorado, is there a difference in the rights to pursue a deficiency for 1st lien holder and 2nd lien holder? Is the statute of limitations currently 5 years to obtain a judgement?

Hi Guest,

As far as I know, in Colorado, the lenders will be able to get a deficiency judgment against the borrowers. The SOL for deficiency judgment in Colorado will be 3 years.

Thanks,

Jerry

I am going through foreclosure and have a savings account from a lump sum child support case and my name and my daughters name is on it since it is for her child support. can the Mortgage company take that money

Can forecloser affect my credit, if the loan is only on my husband name, but both our name are on the deed?

Hi!

Welcome to forums!

To Missy,

As your name is on the bank account, the lender can garnish it if you do not pay off the deficiency balance resulting from the foreclosure sale. However, if you pay off the deficient balance, then the lender won't come after that account.

To Maly,

As the mortgage is solely in the name of your husband, then the foreclosure will not affect you in any way.

Feel free to ask if you've further queries.

Sussane

I wil walk away from my home in Georgia and it will go into foreclosure. I will move into my home in another State which has no mortgage and is a mobile home. I receive SS, Military Retirement from my deceased husband and retirement from my Government job. Can they touch those income? I am not working anymore and have to live on this income. Thank you

Welcome G LFl,

The lender will not come after your retirement benefits or your social security income in order to recover his dues. However, the lender can come after your savings or checking account and garnish it to recover his dues.

I doubt there are many lenders in this nation who would stoop to try to levy against a bank account in the event a borrower defaulted on a deficiency after a foreclosure. Missy, I think you can safely keep your money in the bank and not be afraid of losing it. G LFI, i think you're safe as well.

Mind you these are only my opinions; but given the tone of the country and the foreclosures that are so rampant, it's enough for them to try to keep up with that; forget going after someone's savings account.

can u have your pension garnished in state of georgia if you foreclose on home

Hi Guest,

As far as I know, retirement funds, pension and SSI cannot be garnished by the creditors. They are exempt from garnishment.