Posted on: 01st Feb, 2011 09:42 am
My wife and I are falling behind on our mortgage. My name is only on the deed and is not on the mortgage. If we shortsale or foreclose will my credit be affected?
Any action taken on the property - be it a foreclosure, a lien, a deed in lieu, etc. will have an impact. All such actions are public record, and credit agencies absolutely report public records. As an owner of the property, your credit report would reflect any such actions, and that's absolutely going to affect your credit score.
In this case, you probably don't have much of a defense against it, either, inasmuch as this is a home owned by you and your spouse.
In this case, you probably don't have much of a defense against it, either, inasmuch as this is a home owned by you and your spouse.