[KT]

My husband bought a condo before we met. It's only in his name. We'd like to sell it, but it's value has dropped dramatically. And we couldn't even get what he owes on it.
I have a few questions
1) What happens to me if that place goes into foreclosure?
2) If a house goes into foreclosure, is that the same as filing (or do you have to file) for bankruptcy?
3) If the house goes into foreclosure, can I, by myself, in the future get a loan for another house? or will his foreclosure effect my credit?
I hope I'm making sense.
Thanks for any help!!

[rose123]

1) Foreclosure process is different by state so that depends Basically it is a time lime that varies by state. You default on the mortgage the lender files a notice of default then some time later it goes to auction

2) Foreclosure and bankruptcy are two seperate things. You can file for bankruptcy which provides an automatic stay so you can make arrangements with the court to pay any arrearges along with all of your other debts

3) you can get a loan on your own but your husbands income wont be used. His foreclosure will likey affect your credit but if you have a good credit rating and try to buy a home on your own, you should be able to explain that to the mortgage company

[877YouKeep]

If you are not on the note you are not responsible for the debt and will not affect your credit whatsoever. You will receive a foreclosure notice if you are on the deed because by law everyone with interest to the property has to be notified. You will in the future be able to buy a home but if you have to use husbands income you will also have to use his credit.

I would suggest a short sale so you can sell the property for less than what is owed. To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily.

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