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Does a foreclosure affect a person that is on the deed but not on the mortgage?

My husband is on the mortgage and when we purchased our home he quit claimed to to him and I. But I am not on the mortgage. If the home should is foreclosed would that affect me by being on the deed? Any information would be helpful. Thanks in advance.

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Anonymous

Asked by Anonymous at 11:21 PM on Jan. 10, 2010 in Money & Work

Answers (10)
  • I don't think so, but the best person to ask would be a banker. You could probably call up and ask without giving your information. It might affect your future ability to purchase a home simply because you are married and they are really changing the rules in regards to home loans. In my state, if you're married you both have to be on the loan now. It wasn't like that a couple of years ago.
    ShaunnaMichelle

    Answer by ShaunnaMichelle at 11:26 PM on Jan. 10, 2010

  • I would think it wouldn't affect you. But as the other poster stated it will affect your ability to purchase a home later on. At least if you include his income and info in trying to get a loan.
    ronjwake

    Answer by ronjwake at 11:29 PM on Jan. 10, 2010

  • Thanks for responding......I was thinking of getting a 2 family home myself. Using my income obviously and then using his as additonal but not putting him on the loan. Do you think I would be able to do that? and does anyone know if I would get the first time buyers no money down or the $8000 credit???

    Anonymous

    Answer by Anonymous at 11:34 PM on Jan. 10, 2010

  • I quit claimed to my x. I was on the mortgage. He let it foreclose. It didn't go against me.
    admckenzie

    Answer by admckenzie at 11:37 PM on Jan. 10, 2010

  • If you need to use his income to get another home you will not be able to with a forclosure on it.
    Anonymous

    Answer by Anonymous at 12:45 AM on Jan. 11, 2010

  • YES IT WILL AFFECT YOUR CREDIT REPORT AND SCORE. ONCE THE HOUSE IS IN FORECLOSURE CHECK YOUR CREDIT REPORT ONLINE ANNUALCREDITREPORT.COM--THIS IS FREE. GOOD LUCK, SO SORRY
    ohio4

    Answer by ohio4 at 1:21 AM on Jan. 11, 2010

  • If you didn't sign the mortgage note it will not affect your credit. You can't purchase a home and use his income to qualify if he is not on the loan. You will be able to purchase with his income 3 years after the foreclosure is closed. This may change but right now that is the rule.
    Kari126

    Answer by Kari126 at 7:54 AM on Jan. 11, 2010

  • You can't use his income to qualify for a mortgage without having his name on the mortgage.
    missanc

    Answer by missanc at 10:16 AM on Jan. 11, 2010

  • If you are using his income for the loan they will run his credit. I would contact a real estate attorney about this. If you cannot afford one home why do you think you can afford a different one?
    Anonymous

    Answer by Anonymous at 12:08 PM on Jan. 11, 2010

  • When we purchased this home 10 years ago we were paying 890.00 a month that included taxes, insurance and mortgage paymet. Unfortunately the last time our town assessed the house was in 1970. So our taxes went up drastically. This increased our mortgage payment to 1307.00 a month. Then we were late for 1 payment and couldn't catch up ever since. The mortgage company would not take it after the 16th and sent the check back to us. We were not allowed to make partial payments. This company is so difficult that you can't even make a payment online or by phone. Everything is by mail. It's ridiculous. So I explained to them that we needed to lower our payment but we weren't able to because we had fallen behind and they don't offer refinancing. So now we are at 1500.00 a month. We can't do that and the house needs alot of repairs, so if we were able to get a lower mortgage payment we could do it. I mean we are at 8.00% intrest. Help
    Anonymous

    Answer by Anonymous at 11:49 PM on Jan. 18, 2010

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