Foreclosure

questions & answers

Question: My now husband bought a home in 2007 at the peak of the market (before we were married). We can no longer afford the house payment and are now married but only his name still exists on the title. If he forecloses on the home, will both our credit be affected although we got married after he bought the home and the title is still only in his name?

Answer:

Most likely no. If your husband is the only responsible for the monthly payments and your name has not been added to the accounts, then the foreclosure will only affect his credit score. Potentially, however, your marital community would be liable to the Bank should any deficiency exist. Practically, this is unlikely unless he took out a line of credit on the house and withdrew funds to pay for things unrelated to the house.

However, since property issues can be complicated, you may want to consult with an attorney. See the article "Where to find an Attorney for Specific Legal Advice."

QUESTIONS

  • My now husband bought a home in 2007 at the peak of the market (before we were married). We can no longer afford the house payment and are now married but only his name still exists on the title. If he forecloses on the home, will both our credit be affected although we got married after he bought the home and the title is still only in his name?

STORIES

  • He told me that I could actually get all the money I needed by using my home as collateral. . .
  • He told me that I could actually get all the money I needed by using my home as collateral. . .
  • Age discrimination in the workplace. . .

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