Posted on: 22nd Sep, 2011 03:07 pm
Hello! My fiance and I are getting married next year. As of right now, he has been laid off and unfortunetly on my salary we can not afford to pay the morgage. He purchased the house WAY before we got together. How will this affect my credit since we will be getting married before the foreclosure is processed and finalized? Any advice would be amazing. Thank you!
Hi Emilym!
Welcome to forums!
If your name is not mentioned on the mortgage, then the foreclosure will have no negative affects on your credit report. It won't affect your credit scores either. You will be able to get a mortgage on your own later on. However, your fiancé's credit will be badly damaged if he goes through a foreclosure.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your name is not mentioned on the mortgage, then the foreclosure will have no negative affects on your credit report. It won't affect your credit scores either. You will be able to get a mortgage on your own later on. However, your fiancé's credit will be badly damaged if he goes through a foreclosure.
Feel free to ask if you've further queries.
Sussane
Hello Emilym ?
Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. The lender may then declare the entire debt due and owing and may seek to satisfy it by foreclosing.
:idea:
Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. The lender may then declare the entire debt due and owing and may seek to satisfy it by foreclosing.
:idea:
Hey Emilym,
So I am going to assume that your name is not on the mortgage. If this is correct then your credit score will remain the same. His credit score can only affect yours if you own an asset together but since your name is not on the mortgage, you have nothing to worry about!
Hope this helped you out
So I am going to assume that your name is not on the mortgage. If this is correct then your credit score will remain the same. His credit score can only affect yours if you own an asset together but since your name is not on the mortgage, you have nothing to worry about!
Hope this helped you out
Thank you everyone for all of your help and advise. This has given me a peace of mind! :)
You're welcome!! :)
Your Welcome : )