Foreclosure in New Jersey>Question Details

Forbidden120, Home Buyer in

Will forclosure affect my future wife's credit?

Asked by Forbidden120, Sun Mar 31, 2013

I purchased a home in 2006 for $650K. Now the values are about half of that. Long story short, My fiancé and I are getting married in 3 months. if I forclose on this house, will it affect her credit? She is not involved in the current house.

Help the community by answering this question:


Since she is not on the mortgage (I'm assuming) her credit will not be affected.
A short sale will not hurt your credit as much. Try getting a short sale approval from your bank.
0 votes Thank Flag Link Mon Apr 1, 2013
The bank forecloses on the house not you. I get the idea that your fiancé can buy a different house after marriage with your set aside cash, (by not staying current on current house) and her better credit. Is NJ a common property state and a recourse state? This sounds like it could be strategic default and banks are wise to it. Talk to a lawyer, allowing foreclosure to happen without a bankruptcy defense is very bad.
0 votes Thank Flag Link Sun Mar 31, 2013
Hi Forbidden120,

If she is not on the loan(s), it will not affect her credit directly. However, since you will be married, when the two of you try to purchase anything together in the future, your affected credit will indirectly affect her by affecting your combined credit.

Have you considered doing a short sale or a Deed In Lieu Of Foreclosure? These will still affect your credit but not so drastically or for as long a period of time.

Shanna Rogers
SR Realty
0 votes Thank Flag Link Sun Mar 31, 2013

But you need to avoid foreclosure if at all possible. Because in the future your situation cold affect your relationship.

Collections constantly calling, possible court and judgement liens in the future. I have seen so many difficult situations because of foreclosure. the stress is difficult on relationships and your health also.

You can avoid this by short sale or even a deed in lieu.

I had a woman call last week to help her after her home was already foreclosed... She is being haunted by twp for taxes, even though she no longer owns the property... HOA is suing her for unpaid fees... Utility companies are calling her... She doesn't even own the property anymore. But she is being haunted. the future implications are yet to come.

Search Short Sales and foeclosure Deals at

Larry Sarlo
RE/MAX Preferred
0 votes Thank Flag Link Sun Mar 31, 2013
If she is not on the mortgage or deed of the house being foreclosed on then no her credit will not be affected by the foreclosure. She is not responsible for paying the mortgage.
0 votes Thank Flag Link Sun Mar 31, 2013
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