Posted on: 24th Oct, 2006 03:50 am
Hello Everyone,
me and my wife bought a home in Virginia in 2003...Since my wife procured a better interest rate, the mortgage was signed entirely by her name...however, both me and her are in the deed(blue title).
Now, we\'re seperated since jan 2006 and she has not been making regular payments. Currently foreclosure is declared and she wont be able to make the 4k backlog.
Will it affect my credit rating if the house is foreclosed ? I really dont want to pay for the house my now pregnant ex is living with her bf.
I wasn\'t allowed in the house and the locks have been changed as well...however we filed a no-fault divorce 2 months ago as I wanted to clear things asap and move-on.
Gurus, please advise if my credit rating will be affected being on the title but NOT on the mortgage.
Thanks in advance
Shon
me and my wife bought a home in Virginia in 2003...Since my wife procured a better interest rate, the mortgage was signed entirely by her name...however, both me and her are in the deed(blue title).
Now, we\'re seperated since jan 2006 and she has not been making regular payments. Currently foreclosure is declared and she wont be able to make the 4k backlog.
Will it affect my credit rating if the house is foreclosed ? I really dont want to pay for the house my now pregnant ex is living with her bf.
I wasn\'t allowed in the house and the locks have been changed as well...however we filed a no-fault divorce 2 months ago as I wanted to clear things asap and move-on.
Gurus, please advise if my credit rating will be affected being on the title but NOT on the mortgage.
Thanks in advance
Shon
Hi Guest,
"Will it affect my credit rating if the house is foreclosed ?"
I understand your situation but even if you are not responsible for the loan payments, you may have to pay for the loan in case your wife does not. This is because both of you are on the deed and if you wish to prevent the home from being foreclosed, then the unpaid balance needs to be paid off in time.
In case your wife does not pay and you too stay away from making the payments, then your credit rating will get affected.
Hope this is going to help you.
Thanks,
Sara.
"Will it affect my credit rating if the house is foreclosed ?"
I understand your situation but even if you are not responsible for the loan payments, you may have to pay for the loan in case your wife does not. This is because both of you are on the deed and if you wish to prevent the home from being foreclosed, then the unpaid balance needs to be paid off in time.
In case your wife does not pay and you too stay away from making the payments, then your credit rating will get affected.
Hope this is going to help you.
Thanks,
Sara.
Hi,
"Gurus, please advise if my credit rating will be affected being on the title but NOT on the mortgage."
As you are not liable for the mortgage payments your credit will not get affected as it will not be reported to the credit bureaus.
"Gurus, please advise if my credit rating will be affected being on the title but NOT on the mortgage."
As you are not liable for the mortgage payments your credit will not get affected as it will not be reported to the credit bureaus.
I came across a similar situation like you amd my ex-girlfriend didn't pay a single penny through she was on the loan. But the lender asked me for payments as I was on the title with my ex. I was unwilling to shell out any cash from my pocket, as i had otger financial obligations. So, finally the house was foreclosed and as I haven't paid the money in time, my credit rating was lowered and then it was quite some time before I could build up my credit. So, I feel it's better if you start paying or else you may have to suffer just like me.