How can I protect my credit after my husband goes through a short sale?
September 29th, 2008
April D asked:
Two years ago my husband bought our condo. The condo is only in his name because at the time I was going through a career change and thought my lack of an income would hurt our chances with the loan. That was actually a blessing in disguise. Because of our interest rate adjusting we will not be able to afford the payments. The bank will not approve us for a loan modification because to them having $50 left over at the end of the month is good enough! So we will be doing a short sale. Since the loan is solely in my husbands name, i believe only his credit will be affected. But we have joint bank accounts and credit cards. Do I need to separate our finances so that I will not be hit on my credit score? Because we need my credit score to rent out an apartment. Do I even need to worry about my credit score being damaged because my name is not on the loan, but I am his wife, does his bills equal my bills? I’m so confused. Sorry if it was a little long. Any advise is appreciated. Thank you!
bdancer222, thank you so much…I live in CA, which is a community property state. I’m not worried about taking on his bills because we are together and are doing this together. I just want to make sure that my credit score stays intact so that I can rent an apartment for us. Since I do live in a community property state will that affect my credit score?
Two years ago my husband bought our condo. The condo is only in his name because at the time I was going through a career change and thought my lack of an income would hurt our chances with the loan. That was actually a blessing in disguise. Because of our interest rate adjusting we will not be able to afford the payments. The bank will not approve us for a loan modification because to them having $50 left over at the end of the month is good enough! So we will be doing a short sale. Since the loan is solely in my husbands name, i believe only his credit will be affected. But we have joint bank accounts and credit cards. Do I need to separate our finances so that I will not be hit on my credit score? Because we need my credit score to rent out an apartment. Do I even need to worry about my credit score being damaged because my name is not on the loan, but I am his wife, does his bills equal my bills? I’m so confused. Sorry if it was a little long. Any advise is appreciated. Thank you!
bdancer222, thank you so much…I live in CA, which is a community property state. I’m not worried about taking on his bills because we are together and are doing this together. I just want to make sure that my credit score stays intact so that I can rent an apartment for us. Since I do live in a community property state will that affect my credit score?
