Posted on: 21st Apr, 2010 12:53 pm
Hi. My husband and I have a condo in MD. We are both on the deed but the first and second mortgages are in his name only. We are considering short sale. Need to know whether any short sale will affect my credit (or otherwise appear on my records) or whether b/c I am not on the mortgage that it will not.
Also, I likely need professional advice. What type of attorney handles foreclosures/short sales and deeds (real estate? bankruptcy?). Any other professionals who will know the answer who are not attorneys?
Thanks!!
Also, I likely need professional advice. What type of attorney handles foreclosures/short sales and deeds (real estate? bankruptcy?). Any other professionals who will know the answer who are not attorneys?
Thanks!!
Welcome ksuziq,
If your name is not on the mortgage docs, then your credit won't be affected in case of a short sale or foreclosure of the property. The lender will not come after you for the dues. It is better to negotiate with your lender yourself and check out if you can get a short sale.
If your name is not on the mortgage docs, then your credit won't be affected in case of a short sale or foreclosure of the property. The lender will not come after you for the dues. It is better to negotiate with your lender yourself and check out if you can get a short sale.