Protecting Spouse' Credit from Short Sale
This is a discussion on Protecting Spouse' Credit from Short Sale within the Buying & Selling Property forum, part of the REAL ESTATE & PROPERTY LAW category; California - If I am the only one on the mortgage but spouse is on title, will her credit be ...
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Oct 12th, 2009, 06:07 PM
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Protecting Spouse' Credit from Short Sale
California - If I am the only one on the mortgage but spouse is on title, will her credit be impacted if I short sale. Will an interspousal deed transfer protect my spouse's credit anymore?
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Oct 13th, 2009, 10:23 AM
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Re: Protecting Spouse' Credit from Short Sale
in CA you both will normally suffer the credit hit, and both will be liable, unfortunately.
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Oct 21st, 2009, 12:50 PM
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Re: Protecting Spouse' Credit from Short Sale
The above advice is incorrect. Your spouse's credit will not be affected if her name is only on the deed but not the mortgage. The only way her credit would be affected is if her name were also on the mortgage.
A deed and a mortgage are not the same thing. You can have 50 names on a deed if you so desire, but whomever's name is on the mortgage will be the only person (people) whose credit is affected by failure to pay, short sale, or foreclosure. |
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