Posted on: 06th Dec, 2012 11:35 pm
i quit claimed my home to my ex wife and she now wants to short sell the property. i am a primary borrower on the loan and i want her to quit claim it back to me so it will not mess up my credit but she will not unless i can get her name off the loan. i can not refinance it at this time and chase will not release her from the liability. i'm thinking maybe she can file bankruptcy even though there will be no amount of debt because i will have to take over the debt. she has a car loan and she would reaffirm that debt. her score is 770. the question, what will happen to her credit if she files bankruptcy on the mortgage (even though there will be no amount and will reaffirm her car loan and credit card payment)? thanks
Hi Lorry,
If she files bankruptcy, then it will have a negative impact on her scores. It will lower her scores by around 200 points. Moreover, it will remain in her credit report for quite a few years - 10 years in case of Chapter 7 and 7 years in case of Chapter 13.
Take care.
If she files bankruptcy, then it will have a negative impact on her scores. It will lower her scores by around 200 points. Moreover, it will remain in her credit report for quite a few years - 10 years in case of Chapter 7 and 7 years in case of Chapter 13.
Take care.
Hi Lorry,
Yes, a bankruptcy filing will lower her scores greatly. It will lower her scores by around 200-250 points. This is irrespective of the fact whether or not she reaffirms her loan.
Thanks
Yes, a bankruptcy filing will lower her scores greatly. It will lower her scores by around 200-250 points. This is irrespective of the fact whether or not she reaffirms her loan.
Thanks