Posted on: 29th Sep, 2008 04:23 pm
we both are upside down on our homes we believe my house may have a chance to recover his wont. If he walks away from his home, and we get married next year, will I inherit his bad credit because we are husband & wife?
Hi cateyes!
Welcome to Forums!
I do not think your fiance's bad credit will anyway affect you, though your fiance's credit scores will be badly affected. Moreover no one can just walk away from the house without clearing the debts or informing the lender. Your fiance will have to go for a short sale, deed-in-lieu or foreclosure.
Feel free to ask if you have further queries.
Sussane
Welcome to Forums!
I do not think your fiance's bad credit will anyway affect you, though your fiance's credit scores will be badly affected. Moreover no one can just walk away from the house without clearing the debts or informing the lender. Your fiance will have to go for a short sale, deed-in-lieu or foreclosure.
Feel free to ask if you have further queries.
Sussane
No his credit does not affect yours just because you are married. However, there is somethng to keep in mind. You will have to qualify for credit on our own without his income.