Posted on: 19th Nov, 2009 07:29 pm
I am concerned that the foreclosure of my condo in California may affect my spouse and his good credit.
Hi maiken,
If your spouse is not on the mortgage, his credit will not be affected by the foreclosure in any way. If he did not sign on the mortgage note, he cannot be held responsible for the mortgage. Even if you are in a community property state, the foreclosure will not impact your spouse's credit.
If your spouse is not on the mortgage, his credit will not be affected by the foreclosure in any way. If he did not sign on the mortgage note, he cannot be held responsible for the mortgage. Even if you are in a community property state, the foreclosure will not impact your spouse's credit.
If you are now married, your spouse may have a community property interest in the condo. The lender may include your spouse's name in the foreclosure as a precaution. In that case, your spouse may have a foreclosure judgment on their record. You should have the spouse immediately sign and record a quitclaim deed in your favor and you should record it in the county where the property is located. This will absolutely take your spouse's name off title, and the foreclosure should not affect their credit.
Your spouses credit won't be impacted (even in California - which is a community property State).
