Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and the Yahoo Answers website is now in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
How will my husband's foreclosure affect me?
My husband and I both purchased our homes separately before we met. We are currently living in my home, and the mortgage and deed are in my name only. My husband wants to walk away from his home, which is in his name only. Homes in his neighborhood are not selling and are difficult to rent out. He had to refinance after his divorce and owes more than the home is worth.
I am trying to get him to consider other options, but he seems inclined to just walk away and let the lender foreclose. I want to know how this may affect me? I assume I will need to carry the credit burden for the two of us as this will wreck his credit. Any future mortgages would have to be in my name and based on my credit only. Is there anything else I need to be aware of?
3 Answers
- Anonymous1 decade agoFavorite Answer
His foreclosure will not effect your credit. But it will be an issue on anything you claim jointly - new cars, new homes, etc.
Potential friction between the two of you with any future plans because most marital assets may be in your name.
- PengyLv 71 decade ago
First any future home purchases will yes be on only your credit but then again only on your income. Next as you are married although in his name only his debts are also yours and vice versa.
- biancaLv 41 decade ago
you are right about everything, his house will not affect your credit, but ask him to maybe try to do a short sale on his house? this will look better for his credit history, then foreclosure.
