Foreclosure in 02703>Question Details

Bsherri, Renter in 02703

How will a foreclosure vs short sale affect my credit if I'm on the deed and not the mortgage? Should I sign over the deed to the Ex?

Asked by Bsherri, 02703 Sat Feb 19, 2011

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Meyer & Boss Team’s answer
That is correct that since you are not on the mortgage your credit should not be effected. If the property goes into foreclosure though there may be ramifications for both of you. Eric and I are local realtors here in Attleboro and we specialize in all aspects of short sales. We provide you with a lawyer team to answer all your questions and also to handle short sale negotiations. Give us a call anytime at 508-838-3321 and we can discuss it and come up with a plan of action for you. If you would like some information on short sales I can email you our package if you would prefer to email. Our email address is We look forward to speaking with you soon and helping you through this tough time!
1 vote Thank Flag Link Sat Feb 19, 2011
Were you represented by an attorney when you got the divorce? If so, you should speak with your divorce attorney about the disposition of this property pursuant to the terms of your divorce decree. If you were not represented by an attorney when you were divorced, you should have an experienced divorce attorney to review the divorce decree to determine whether dispostion of the property was addressed. Depending on the terms of the decree, transferring title to the property to your ex would be your best option for protecting your credit.

Good Luck,

Sharon E. Smoot, Realtor®, SFR, Esq.
Coldwell Banker Residential Brokerage
2820 Main Street West
Snellvlle, GA 30078
(678) 446-5925

Disclaimer: The information contained herein is not meant to be legal advice and is distributed only for informational purposes. You are encouraged to consult with a qualified attorney in your area.
0 votes Thank Flag Link Sun Feb 20, 2011
Hi B

I totally disagree on the surface that this foreclosure or short sale will not effect your credit rating. If you and your ex have any other joint credit and this account goes into pre-foreclosure status ends up in foreclosure or short sale then your credit can be effected. His credit score can plummet and your score will get lowered as a result of the link.

Next, I assume you mean that you are on the Grant Deed and not the Deed of Trust. Your question is not specific.

You first want to see how your lender(s) will foreclose in your state. Judicial or non-judicial foreclosure process. Next is your loan recourse or non-recourse?

Then you know where you stand.

I hope this is helpful and good luck!

Hannah Fliegel, FICO Pro
Web Reference:
0 votes Thank Flag Link Sun Feb 20, 2011
My office is in Attleboro and I have an attorney on my team. So give me a call and I can help you get all your questions answered. Good Luck!
0 votes Thank Flag Link Sat Feb 19, 2011
A foreclosure will only affect the borrower's credit. If you're not on the mortgage, you won't be affected. You should also call an attorney to verify. Your ex can protect his credit by doing a short sale.

We are a professional short sale service and would be happy to explain the process to you. Please call us directly to discuss your specific situation. Our services are FREE to homeowners. We look forward to hearing from you.

Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
0 votes Thank Flag Link Sat Feb 19, 2011
I just wanted to add our online link for short sale information. If you are looking for a local realtor right here in Attleboro to talk to just give us a call anytime. Thanks.

John Boss & Eric Meyer
Sankey Real Estate, Inc.
0 votes Thank Flag Link Sat Feb 19, 2011

I agree that it will not effect your Credit Score. However, there will be a Foreclosure attached to your property and your name if someone was to do a Public Records search. This could have consequences.

As to your question of how Short Sale is different than Foreclosure- Here is a post from a Real Estate Attorney. I recommend getting advise from a local Realtor who works with an attorney that SPECIALIZES in these situations.

I work with the best attorney in the area for cases like this and would love to help. You can Reach me at 508-558-9619 or at

Helping people in difficult situations on the South Coast and East Bay since 2003.

Here is typically how a Short Sale and Foreclosure will effect your future home purchases.

Federal Housing Administration (FHA)

1) Foreclosure is 3 years

2) Deed-in Lieu is 3 years

3) Short Sale is 3 years

4) Bankruptcy is 2 years

Veterans Administration (VA)

1) Foreclosure is 2 years

2) Deed-in Lieu is 2 years

3) Short Sale is 2 years

4) Bankruptcy is 2 years

Conventional Conforming (FNMA/FHLMC)

1) Foreclosure is 7 years

2) Deed-in-Lieu is 4 years < 80% LTV and 5 years > 80% LTV for primary residences. 7 years for second homes and investment properties regardless of LTV.

3) Short Sales is 2 years < 80% LTV and 5 years > 80% LTV and 7 years > 90% LTV

4) Bankruptcy is 4 years

Conventional Non-Conforming (JUMBO)

1) Foreclosure is 7 years

2) Deed-in-Lieu is 7 years

3) Short Sale is 7 years

4) Bankruptcy is 7 years
0 votes Thank Flag Link Sat Feb 19, 2011
Hi Again...If you click on the link below, you will come to a chart that will give you some idea of Short Sale versus Foreclosure.
0 votes Thank Flag Link Sat Feb 19, 2011
I can put you in touch with a short sale attorney who can answer any of your questions regarding this matter.
0 votes Thank Flag Link Sat Feb 19, 2011
Hi Bsherri,

Only the person that is named on the mortgage will be affected. As Anna suggested, you will definitely want to have an attorney on your side too.

If you are looking to sell as a Short Sale, I would be pleased to answer any questions you may have.

Best of Luck!!!!

Judy Boyle
REMAX Signature Properties
0 votes Thank Flag Link Sat Feb 19, 2011
Before signing the deed over, do consider consulting with an attorney, he/she can best advise as it relates to your specific situation.
0 votes Thank Flag Link Sat Feb 19, 2011
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