will my husband’s credit be ruined if my home is in fosclose ( the mortgage loan only in my name but we have
Huynh T asked: joint credit history, banks)
Albert
Tags: Banks, Credit History, Mortgage Loan
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on Tuesday, May 6th, 2008 at 12:12 pm and is filed under Renting & Real Estate.
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If your husband is nowhere on the note, and bears no responsibility for the repayment of that loan, then his credit will not be affected. The only way his credit will be affected is if he signed as a responsible person on the actual credit note. So your credit can be wrecked, but if he has nothing to due with the defaulting loans, his credit will be unaffected.
Credit lates only show up in the name of the person that is on the loan.
What you are doing is actually a good form of financial “planning”. If one person’s credit goes bad, they don’t take the other one down with them.
There is a romantic notion that, when two people get married, they are supposed to share everything. Well, if you mix all of your accounts, then both of them will also share a seat on a sinking boat if one of them stops paying bills.
I’ve been through that same thing with my first husband, and as long as his name is not on the mortgage it will not affect his credit, and is there any way that you can keep them from foreclosing because that’s gonna ruin your credit, i would try to contact the mortgage company and try to make some kind of Payment arrangements, good luck!
Wow, you should be required to learn proper english before getting mortgages in this country.
Your credit will be lowered to under 600 as a score. His will not be affected. /
If your husband is not on the mortgage- it will not affect his credit.