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

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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 10 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.


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