im not on my husbands mortgae but if he forecloses can this affect my credit?

Asked by Kimberly, Ypsilanti, MI Thu Jan 22, 2009

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JoAnn Barrett, Agent, Ann Arbor, MI
Sun Jan 25, 2009
Hi Kimberly,
Although a foreclosure will not impact your own credit, as stated in the previous answers, I just want to make sure you know that there are other options for your husband. You can sell your home even if the amount of the home sale would not cover the mortgage(s) and closing expenses. This is called a short sale.
You put your home on the market with a Realtor at a realistic market price. When there is an accepted offer, the Realtor helps you negotiate with the bank(s).
Credit-wise for him, this is preferable to foreclosure. Emotionally, it may be preferable, too. I am currently representing two sellers in a short sale. They feel as if they have more control over the situation. There is no foreclosure on their record. It is looked at as more honorable, by far. And it costs them no money.
The only reason to go all the way to foreclosure is if you can't yet afford to move. You can stay in a foreclosed home for six months after the sheriff's sale without paying on the mortgage.
If you want to consider the short sale route, contact a Realtor who has experience doing them. I would be happy to help you, if you need representation, or just more guidance.
Best of luck to you. I know this is very hard.
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1 vote
Maureen Fran…, Agent, Birmingham, MI
Thu Jan 22, 2009
No, if you are not on the mortgage his foreclosure will not impact your credit.
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1 vote
The Hagley G…, Agent, Pleasanton, CA
Mon Jan 26, 2009
the site below may be of has info on both shortsales and foreclosures....
0 votes
Robin Kay Co…, Agent, Plymouth, MI
Thu Jan 22, 2009
As the other pros have stated, this foreclosure will not affect your credit. In fact, it is good news that you are not on the mortgage in case you need to purchase another home. Given that you have good credit and a steady job, you would probably be able to qualify for a mortgage on your own. If you think you'd like to try and qualify on your own, I can give you my short list of lender referrals to check into your options. Losing a home is always traumatic, but you can start over. Good luck!
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Darian Moore…, Agent, Detroit, MI
Thu Jan 22, 2009
If you are not on the mortgage, your credit will not be impacted.
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