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| *Ostroff, Fair and Company>>>Renting & Real Estate |
Our home will be forclosed if we dont sell it, the loan is in my wifes name? |
will we be able to by a home in my name ,when we gat back on our feet, my name is no where on the current loan(the mortage co wont even talk to me) we are only a month behind but my new job cant pay the huge mortage and running out of savings paying for this sinking ship. If you're not on the title deed or, most importantly, a debtor, then your credit rating shouldn't be affected if things go bad. My suggestion is that no matter what happens, keep your current financial institution informed if you are going to get behind. You'll fiund them infinately more helpful if you keep them up to date as to missing repayments. If you fall behind and they don't hear from you they can only assume you don't want to pay any more and will be more likely to act. Source(s): Worked in lending for 15 years and counting. If you sell the place and pay off your mortgage there should be no damage done to your credit rating at all. After all, people sell homes everyday, and many wait a long time to buy again. Your wife's credit rating will not be affected negatively by selling, so she could always buy again in the future too. A key factor in your future chances lies in why the mortgage company won't even talk to you. Do you already have a bad credit rating, or is it just because you aren't on any of the documents (confidentiality and strict legality)? In any case, to get ready for a future purchase, you might try to do everything possible to improve your credit rating. Even if it's already ok just make it better. It'll get you faster acceptance at a bank and probably a better interest rate when you want to borrow. Good luck to you both. Keep in contact and send what you can. They will work with you if you show effort. Try to keep you wifes credit rating from going in the crapper. At some point and time you will need both of your credit in good standing. If you avoid them, they will think you don't care about working it out. I have been very late but I have learned as long as I keep in touch they work with me. This includes being 3 months behind on my car note and keeping my lights and phone on. Life was not easy after being laid off. Usually the only person the bank looks at on the loan is the one with the most income. The credit the bank looks at is the person with the highest income. Usually both people have to be on the loan, just check with your bank in the state you are considering purchasing the home in. yes, but your wife will be dead in the water for 10 yrs. sell it, auction it.....don't foreclose |
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