If my husband letour house go into foreclosure, if it’s in his name will the foreclosure effect my credit?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

If my husband letour house go into foreclosure, if it’s in his name will the foreclosure effect my credit?

Asked on October 25, 2010 under Bankruptcy Law, Ohio

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

First, it's foreclosure per se that affects credit--it's defaulting on (not paying) the mortgage. So if you husband default on the mortgage, it will negatively impact credit whether or not the bank forecloses on it. (The foreclosure will be noted in credit reports, but it's defaulting on an obligation that's the real issue.)

If the mortgage (or home equity loan) is not in your name, then you should not be directly affeect by the default. If anyone does a credit check on the two of you--common when a married couple applies for credit--it will be an issue, but if you're not obligated on the loan, your credit should not be affected by your husband's default. Of course, since the credit rating agencies keep their formulas secret, it's impossible to be certain of that; but at a minimum, the effect on you would be much less than the effect on your husband.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption