house sale question

Asked by Travis, Boise, ID Sat Jan 17, 2009

My fiancee is doing a short sale on her house, she is the only one on the loan, deed etc... If we get married before the short sale is completed will it affect my credit, or will they take my income into consideration? The house is in a different town than I live and where we will be living so keeping it is not an option.

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6
Tom Ashworth, Agent, Burnet, TX
Sat Apr 4, 2009
Travis, It will not effect your credit. You may just have to do all the financing in your name only.
0 votes
Travis, , Boise, ID
Sat Jan 17, 2009
Thank you everyone for your help, I really appreciate it.
0 votes
Sue Dahlgren, Agent, Boise, ID
Sat Jan 17, 2009
Travis-
You should really speak with your financial advisor about this. He/she will know best how this could effect your credit. If you don't have a financial advisor or accountant, I'd suggest you speak with a lender. They are used to reading credit reports and might be able to give you the information you are looking for.
Sue
Web Reference:  http://www.SueDahlgren.com
0 votes
David O'Dell, Agent, Boise, ID
Sat Jan 17, 2009
Travis,
The short answer is: No, this will not effect your credit. One of the myths of credit is that once you are married somehow your credit merges or melds with your spouses. This is not true. Your credit remains yours, her credit remains hers. The only time actions by one party effects the other is if you were both on the same account and that account wasn't maintained properly. If you decide to purchase another home after the short sale, you would probably have to purchase it in your name as sole and separate property.
Let me know if I can be of any help in any way.
David O'Dell
Keller Williams Realty Boise
208-602-9052
0 votes
Build Idaho, Agent, Eagle, ID
Sat Jan 17, 2009
Great advice Jeff.

Trey Langford
0 votes
Lyndi Martel, Agent, Boise, ID
Sat Jan 17, 2009
Travis,

I am not sure if it will affect your credit, but do know that marriage combines credit issues. The variables are first if the short sale will be going on your fiances credit at all. short sales are complicated and negotiations NEED to take place on ever aspect - like if the lender will be posting the deficiency amount to the credit report or not. You should also know that if you sell a home short it does not necessarily alleviate your responsibility for the money owed. There are also tax implications as the deficiency amount can and usually will show up as income on your taxes - IE you will be responsible to pay taxes on the deficiency amount. Selling short should be YOUR LAST POSSIBLE RESORT - not the first. You should first be talking to the lender about renegotiating the loan or what possible solutions they will offer to avoid damaging your credit. There are a lot a variables - visit my website for free information to help you - http://www.43re.com
Web Reference:  http://www.43re.com
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