[peaches]

mortgage. Would my Husband's credit be affected if foreclosure happens I changed the mortgage name to my married name at the beginning of the year but lost my job back in April.
I have managed to pay my mortgage these months but I am about to lose all my savings.
I purchased the property while single and the deed as well as the mortgage are on my name only. I have not changed the deed name.
I am considering to return the property to the bank (foreclosure) but would this affect my husband's credit?
Our plan is to buy a house together when I get a new job... Please advice. Thanks

[frak1a12345]

It should not affect your husband's credit rating since he is not on the title or the mortgage note. However, it is possible that the lender may try to claim that your home is community property and therefore include your husband in the list of responsible parties. The only defense to that is to claim the house as your separate property. Keep your finances separate from your husband's and you may get by without dragging him into it.

[dreamraider2001]

As long as you are paying the mortgage on time it should not affect you. The bank doesn't care as long as they get their money. If you are having issues paying it then foreclose otherwise, I don't think it is a smart decision to give the property to the bank as you will loose and still have to pay on the property. My best suggestion is to locate employment.

Perhaps I misunderstood your question but if your husband is living in this residence and working, he should assist with paying the mortgage while you are looking for employment which would prevent the home from foreclosing. Something you also want to do is keep in touch with your lender and let them know what is going on.

I wouldn't think about buying a new home until you get out from under this one.

[Nsig]

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There are alternative options to avoid foreclosure and further damage to your credit history. We may be able to help even if you have little or no equity, liens or judgment

Job loss and depleted savings is a legitimate hardship to....

Modify your loan
Forbearance
Negotiate a more affordable payment plan
Short Sale

We may also be able to help you find a more affordable home
with our home buying program even with bad credit.

Time is your worse enemy so you can avoid
foreclosure and save your credit.