Posted on: 28th Mar, 2008 09:34 am
Hi,
My husband & I are thinking about letting our other home forclose. He is the only one on the loan, but both of us are on the title. Will the forclosure only affect his credit, or both of ours? Also, will they be able to come after other assets like our home or savings accounts?
My husband & I are thinking about letting our other home forclose. He is the only one on the loan, but both of us are on the title. Will the forclosure only affect his credit, or both of ours? Also, will they be able to come after other assets like our home or savings accounts?
it shouldnt show up on your credit history if it's currently NOT being reported on it. So he should only be affected.
You will need to check to see if your state is a 'deficiency judgement' state.
If it is, then they can come after his assets.
You will need to check to see if your state is a 'deficiency judgement' state.
If it is, then they can come after his assets.
Hi Ilj,
The foreclosure will affect your spouse's credit since his name is on the loan and not yours. However, if he is not able to pay off the loan, ask him to talk to the lender for a workout option so that you can keep the loan and the home.
there are several workout options that can help avoid foreclosure . Take a look at some of the options so that when the lender suggests something, you at least know what it is all about.
regarding the savings, well I don't think it will be affected. But the lender can garnish wages if you foreclose and if there is any deficiency which you cannot pay for. But for the time being, please don't think that you'll foreclose as it ruins the credit! Simply go through the foreclosure prevention options and decide on how to keep the home if at all you wish to stay there.
God bless you.
Samantha
The foreclosure will affect your spouse's credit since his name is on the loan and not yours. However, if he is not able to pay off the loan, ask him to talk to the lender for a workout option so that you can keep the loan and the home.
there are several workout options that can help avoid foreclosure . Take a look at some of the options so that when the lender suggests something, you at least know what it is all about.
regarding the savings, well I don't think it will be affected. But the lender can garnish wages if you foreclose and if there is any deficiency which you cannot pay for. But for the time being, please don't think that you'll foreclose as it ruins the credit! Simply go through the foreclosure prevention options and decide on how to keep the home if at all you wish to stay there.
God bless you.
Samantha
I feel for your situation and hope you can avoid foreclosure. If you can't keep your head up it isn't the end of the world and you are not alone in your situation. Most of us are all feeling financially strapped with this economy. My husband and I some tiimes get really frustrsted. When we see the other getting ready to throw in the towel we remind each other that we have a to just grin and bear it..it won't always be this way. Hope everything works out for you.
If you can avoid it, please do at all costs, you will regret this action for a long time to come if you don't get it straightened out and not go through the foreclosure.
Foreclosure is a horrible thing, next to senior citizens not having enough in retirement to live comfortably.
If you can avoid it, do so, and if cash flow is a problem, you may be interested in other alternatives to solve that one.
Good Luck, and Best Wishes with your situation.
If you can avoid it, do so, and if cash flow is a problem, you may be interested in other alternatives to solve that one.
Good Luck, and Best Wishes with your situation.
There is ways to help people out. Proper education on how to do things would be a key factor. If people only knew how money, interest, and financing works, more and more of this country would not be in these dire situations.
hi i just recieved a foreclusre notice i was blind sided my ex wife lives in the home i live else where and the morgage in my name she is 6 months behind can i still save this house or am i screwed my credit and maybe my home and saving i really not sure what my next step is
Hi robupacreek,
You'll be able to save the property provided you contact the lender and clear off the dues. You may even apply for a loan modification with your lender to save your property. As your name is on the mortgage and as the payments are 6 months past due, it will affect your credit score in a negative way.
Thanks
You'll be able to save the property provided you contact the lender and clear off the dues. You may even apply for a loan modification with your lender to save your property. As your name is on the mortgage and as the payments are 6 months past due, it will affect your credit score in a negative way.
Thanks