when we bought the house i was still in school and had no income, so we put the house in my wife's name only. if we foreclose will this show up on my credit or just hers? we live in AZ and they have an anti defiency law. we owe more than we have in assest, so i dont think we would have to pay tax on a 1099c. anyone have advice and answers. thanks
2007-11-23 15:33:13 · 5 answers · asked by jeff 1 in Business & Finance ➔ Renting & Real Estate
If your name is not on it, I don't believe you will be affected.
2007-11-23 15:38:00 · answer #1 · answered by Carolina P 2 · 1⤊ 0⤋
It will show on your wife's credit only.
To save her credit, she can sell her interest in that property prior to the foreclosure. I'd suggest she do so.... It's a painful process, but her credit won't be wrecked. And it means she'd be able to buy another home in the future... w/o this foreclosure thing hurting her.
We live in AZ and my DH & I were buying a house and we ended up behind on the mortgage payments (we had a double mortgage--thanks to Union Home Loans). My DH sold the house for $300 to save his credit. My name wasn't anywhere on the paperwork (except for the lawsuit at Legal Aid) and I was not affected by the whole process. I also could not stop it. Anyway, I'd see an attorney (1 time consult) and get some advise. Especially where the income tax situation is concerned. I don't much about the anti defiency law or the tax laws. Sorry about your situation. Good luck to you. Brenda
2007-11-25 08:18:53 · answer #2 · answered by Brenda 6 · 0⤊ 0⤋
If your name is not on the loan, you will not be affected. I'm uncertain about the tax issue.
2007-11-24 00:17:13 · answer #3 · answered by pitchin21 1 · 1⤊ 0⤋
If you are not on the mortgage, then the foreclosure will not affect your credit.
2007-11-23 18:09:27 · answer #4 · answered by Expert8675309 7 · 1⤊ 0⤋
If your name isn't on the loan, nothing goes on your credit record -- good or bad.
2007-11-23 15:48:56 · answer #5 · answered by Bostonian In MO 7 · 1⤊ 1⤋