Posted on: 29th Jun, 2008 09:58 am
How does foreclosure affect a couple if the wife is the only one on the mortgage, but both on deed? We live in the state of New Jersey and we are approaching foreclosure. Since we are married, is my husband's credit going to be affected? Can the mortgage company submit a judgement for him as well since we are married?
I do not believe that they can do a judgement against him however I am not an attorney so this is not legal advise. His credit scores may not be impacted but his ability to purchase a home in the next three years may be. Simply because he would need to disclose that he has had a house foreclosed.
Good Luck
Brian
Good Luck
Brian
Hi nancy,
welcome to our forums.
As much as I understand, the mortgage company can seek a judgment only against the wife who's on the mortgage and not the husband because the latter isn't on the loan. However, the judgment will be filed only if the company requires you to pay the deficiency resulting from any difference between the sale price of property (if it is sold through foreclosure) and the loan balance yet to be paid off.
New Jersey allows for judicial foreclosure and it is a state which allows a lender to collect deficiency if required. But your spouse's credit will not be affected if he is not on the loan. How many days are left for the foreclosure? you can check out the page on 17 Ways to avoid foreclosure , but there should be sufficient time left for you to act quickly and save your home.
Good luck
welcome to our forums.
As much as I understand, the mortgage company can seek a judgment only against the wife who's on the mortgage and not the husband because the latter isn't on the loan. However, the judgment will be filed only if the company requires you to pay the deficiency resulting from any difference between the sale price of property (if it is sold through foreclosure) and the loan balance yet to be paid off.
New Jersey allows for judicial foreclosure and it is a state which allows a lender to collect deficiency if required. But your spouse's credit will not be affected if he is not on the loan. How many days are left for the foreclosure? you can check out the page on 17 Ways to avoid foreclosure , but there should be sufficient time left for you to act quickly and save your home.
Good luck
