Posted on: 05th Apr, 2010 06:08 pm
My husband is on the deed to our home...not on the mortgage. I want to let this home go back - foreclose. His credit will still be good. Will this effect his ability to get us into another home?
Hi lucyrt,
If your husband's name is not on the mortgage his credit scores will not be affected by the foreclosure. His name would appear on the foreclosure notice as he is on the property deed. But his credit should be fine and it will not affect his eligibility for a new home loan. But he needs to make sure that his name does not appear on the mortgage and the loan obligation does not show up on his credit report.
If your husband's name is not on the mortgage his credit scores will not be affected by the foreclosure. His name would appear on the foreclosure notice as he is on the property deed. But his credit should be fine and it will not affect his eligibility for a new home loan. But he needs to make sure that his name does not appear on the mortgage and the loan obligation does not show up on his credit report.