If my name was on a home deed but no the loan, will my credit still be affected by foreclosure?

Question

My name was on the property deed with my husband, but only his name was on the loan documents. Will my credit be effected by foreclosure or just my husbands?

Answer 1

Possibly, because you are married and considered to be one economic entity. But if the lender doesn't know enough about you to report the debt on your credit, they won't be able to do it. So, if the lender doesn't know your SSN and date of birth, it will be tougher to pull your credit or report the debt as valid to the credit bureaus.

If they do report it, try to dispute the debt and have the record removed. That might be easy enough, if the bank can not prove that you ever signed for the loan.

Answer 2

as far trying the deed in lieu of foreclosure or just foreclose it won't really make a difference on credit it will still come up as a foreclosure your best option would be the short sale how low bellow market value is the bank willing to go i may be interested send me an email

Answer 3

It will not (or certainly SHOULD not) affect your credit history. Nonetheless, after all is said and done, it would be wise to obtain your free copies of your credit report to insure that such an error was not made.

If you find that it is appearing on your credit file, take immediate action to have it removed. You are not legally responsible for the mortgage loan, and should not be mentioned in credit files.

Answer 4

I believe just your husbands. We have something similar. Even though I am making the payments on the house, the loan is in his name so he's getting the good credit while I get nothing out of it( well as far as credit is concerned).

Answer 5

Speaking as a Financial Advisor.....no your credit will not be affected. His is responsible for the mortgage therefore it will only affect his credit.

You are however still part owner of the house with him.

Answer 6

Yes