Posted on: 28th Mar, 2013 12:36 am
hello there… i have a property prior to my marriage which i bought for 137,000. the lender is private and is not currently reporting to the credit bureaus. i am now with wife and we would like to upgrade from the 2 bed condo to a house. we have good credit and no negatives at all but we can’t afford 2 mortgages. i can’t refinance because of the tanked market. can i walk out untouched? should i consider letting my wife buy and i walk away and face consequences?
As the lender is not reporting the account, if you walk away from the property, then it won't have a negative impact on your credit. However, if you walk away from the property and don't make the payments, the lender may take legal actions against you.
Welcome Kenten,
You can let your wife buy the property and you can walk away from it. However, your wife needs to meet all the required criteria as set forward by the lender.
You can let your wife buy the property and you can walk away from it. However, your wife needs to meet all the required criteria as set forward by the lender.