2007-01-20 00:47:17 · 6 answers · asked by irishlady 1 in Business & Finance ➔ Credit
I am confused. You are foreclosing ? Are you the lender ?
I will assume you are the debtor, and mean if your joint mortgage defaluts, and the house goes into foreclosure, will it effect you?
Like the others said, yes of course it will effect you. You are resonsible for your accounts, regardless of any marital situation or even a divorce decree. DO NOT assume the soon to be ex will pay on anything. For example if you have a joint auto and he wants to keep it, it has to be paid off or he has to refinance it under his own name. Otherwise it has to be sold, even if you are upside down.
Are you on the property deed, are you on the mortages. DO NOT assume anything. Call the county property office, call all mortgage lenders, pull your free credit report at FTC.gov to check on all accounts that you are listed on.
Immediately close any joint accounts, checking, credit cards, etc. If you are out of the house get your name off all utilities, or call to cancel service.
If he can't make the payments see if you can take over the house through some type of quit claim deed. You need to speak with a divorce attorney right away.
I would suggest you avoid going over these things with relatives, co-workers, etc where you end up talking, speculating, re-hashing, and getting bad advice. Actually taking a fact based approach and getting joint accounts cleared up will be the best thing for all parties. Good Luck
2007-01-20 05:52:40 · answer #1 · answered by Gatsby216 7 · 0⤊ 0⤋
the speed relies upon on the state you stay in. lots of the time a foreclosures takes 6 mouths from the time the all people is taken to courtroom and a judgment is given to the business organization because they have the word or deed. once you've the credit and can want to pick to purchase the homestead you are able to purchase the homestead for what the owner owes the business organization. in case you try this be care finished. There might want to correctly be more effective that one loan antagonistic to the homestead and the in uncomplicated words one you'll study about is the single economic organization this is soliciting for judgment.1rst loan nevertheless might want to be on time yet a second loan might want to correctly be the single in default. in case your in uncomplicated words renting you are able to have 30 to ninety days on the end of the foreclosures. You being renters are sufferers in this. some circumstances the business organization will be prepared to artwork with you because all they pick is money. so that they could have an contract with you that you'll be able to employ it till a shopper makes an grant. The marketplace is truly undesirable on the prompt. discover out who the lender is for that homestead tell them you're presently renting and are prepared to artwork with them to help promote the homestead and pay them the employ money like you probably did with the different proprietor. Banks like money might want to be shocked what they're prepared to do. Cant harm to ask.
2016-10-17 02:27:08 · answer #2 · answered by rhona 4 · 0⤊ 0⤋
Yes if you get foreclosed on your credit will be affected.
2007-01-20 00:51:38 · answer #3 · answered by Joshua W 3 · 0⤊ 0⤋
You are responsible for the mortgage along with your spouse so it will negatively impact your credit as well as his.
2007-01-20 03:48:23 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If your name is on it, it will affect you.
2007-01-20 00:54:50 · answer #5 · answered by Ricky J. 6 · 0⤊ 0⤋
You bet it does!!!
2007-01-20 00:54:55 · answer #6 · answered by stillametalhead 2 · 0⤊ 0⤋