Posted on: 14th Jul, 2009 01:16 pm
recently got married. previously had home with ex-fiance and did not work out and we split. Home we had is going into foreclosure. if lender seeks deficiency judgement (after sheriff sale of home) against us (ex and myself) will this be considered a new personal debt in my case. And will this affect my new husband and he being responsinble for my new debt as well. Or is he safe in this case?
Welcome joker,
The foreclosure on your property will effect you as it will remain on your credit report for 7 years. Moreover, it will reduce your credit score by 250 points. However, this foreclosure will not effect your new husband as his name is not mentioned on your mortgage. He will not be responsible for this debt.
The foreclosure on your property will effect you as it will remain on your credit report for 7 years. Moreover, it will reduce your credit score by 250 points. However, this foreclosure will not effect your new husband as his name is not mentioned on your mortgage. He will not be responsible for this debt.
Thanks adonis, but what about the deficiency judgement, since this would be a seperate suit from the foreclosure. This suit and whatever becomes of it would not then my husband be responsible as well as I.
Also we live in Pennsylvania and would like to know how often lenders actually persue a deficiency judgement?
Also we live in Pennsylvania and would like to know how often lenders actually persue a deficiency judgement?
Hi joker!
Welcome to forums!
Though it would be a separate suit, it'll be filed by the lender to recover his dues from you. When your new husband was not a part of that deal, he will not be responsible for that payment. Lenders can pursue a deficiency judgment in Pennsylvania when they foreclose a property for less than the loan amount which the underlying mortgage secures.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Though it would be a separate suit, it'll be filed by the lender to recover his dues from you. When your new husband was not a part of that deal, he will not be responsible for that payment. Lenders can pursue a deficiency judgment in Pennsylvania when they foreclose a property for less than the loan amount which the underlying mortgage secures.
Feel free to ask if you've further queries.
Sussane