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If the house is in your spouses name but you are on the deed does it affect your credit after foreclosure?
I too have had this question. After searching the net and asking some people I know who deal a lot in real estate, I have come to the conclusion of - NO. As long as your name and SS# are not attached to the loan you are not considered responsible because this asset in your spouse's, not yours. I am by no mean an expert but have done a lot of research.
What else can I help you with?
What happens if you are a cosigner on a house that is being foreclosed on?
The foreclosure will affect your credit record. You are fully responsible for paying the loan.
Can you buy a house if you have a foreclosure on your credit?
you must restore your credit.
How long will it affect your credit if you stop making payments on your ex wife's mortgage and the house is in foreclosure?
A foreclosure will show on your credit for seven years from the date of last activity. The federal statue of limitations is also seven years for the legal notice of foreclosure in the public records portion of your credit report. There may be other state laws which extend this statue of limitations. The Fair Credit Reporting Act is worded "...whichever is longer..."
How does surrendering your house in chapter 7 affect your credit report?
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
Is a deed in lieu of foreclosure better than a foreclosure on your credit report?
Yes. Answer {| |- | This is where you are unable to pay for the house and you voluntarily give the house back to the lender. This is subject to a deficiency judgment yet counts as a "less serious" foreclosure on your credit. However, you lose your greatest asset, your home. |}
What happens if you are a cosigner on a house that is being foreclosed on?
The foreclosure will affect your credit record. You are fully responsible for paying the loan.
Can you buy a house if you have a foreclosure on your credit?
you must restore your credit.
Are you liable if you are getting a divorce and your house is facing foreclosure but your name is not on the deed?
Getting a devorce and house is facing forclosure but my name is not on deed. Am I liable.
How long will it affect your credit if you stop making payments on your ex wife's mortgage and the house is in foreclosure?
A foreclosure will show on your credit for seven years from the date of last activity. The federal statue of limitations is also seven years for the legal notice of foreclosure in the public records portion of your credit report. There may be other state laws which extend this statue of limitations. The Fair Credit Reporting Act is worded "...whichever is longer..."
How does surrendering your house in chapter 7 affect your credit report?
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
Is a deed in lieu of foreclosure better than a foreclosure on your credit report?
Yes. Answer {| |- | This is where you are unable to pay for the house and you voluntarily give the house back to the lender. This is subject to a deficiency judgment yet counts as a "less serious" foreclosure on your credit. However, you lose your greatest asset, your home. |}
Are you responsible to pay the mortgage after foreclosure?
No. The bank owns the house after foreclosure. But your credit report will take years to fix. Good luck.
If your house was included in your bankruptcy can they also mark a foreclosure on your credit it you let the house go?
Yes, unless you bargain for a deed in lieu of foreclosure, Basic- if bank forcloses, its on your record.
What insurance pays off a house in case of a spouses death?
Credit Life Insurance.
If the house is in your spouses name but you are on the deed can it boost your credit score?
Nope. The lender (mortgage company) is the entity that reports information to the credit agencies, so if your name is not on the loan documents the home will not affect your credit. Being on the deed gives you rights to the property but is not a credit trade line.
My wife and I are totally disabled. We are on a fixed income. Military/ssn income. We had to foreclosure on a rental house,how is this going to affect our credit rating. Up to now we were in the 740 range?
A foreclosure will severally hurt your credit rating but you need to avoid using credit it costs you more than you can earn in the long run due to interest. Just save to buy what you want.
How long after foreclosure can you buy a house but your credit score are more than 740?
Ask your lender
