I am married but not on the Mortgage loan w/ my spouse can my credit be affected, in foreclosure?

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I am married bu i am not on the mortgage loan, it does not show up on my credit report and when the payment stub comes in the mail it is only addressed to my spouse. If we foreclose can this affect my credit? Or will only my spouse’s credit be affected?
I did sign the loan papers but then the loan was sold and my name does not appear on the new loan bill and it the loan debt only shows up in my spouse’s credit and not mine.

Foreclosure protest at San Francisco Federal Reserve Bank

www.rainbowpush.org

www.defendyourdollars.org/topic/mortgages/

Coverage of Jackson’s visit to the bay area

www.nbcbayarea.com/news/local-beat/Jesse-Jackson-on-Forec…

www.mercurynews.com/realestatenews/ci_13362518

Investigative reporting on foreclosures

www.prospect.org/cs/articles?article=there_goes_the_neigh…

www.salon.com/news/feature/2009/03/04/loan_modifications/

An explanation of the mortgage crisis

www.thisamericanlife.org/Radio_Episode.aspx?sched=1242

Michael Moore’s Capitalism: A Love Story which opens 10-2-09 deals with foreclosures. Links on my photos from his visit the day before Jackson’s

www.flickr.com/photos/ari/sets/72157622401887780/

6 Comments
  1. Reply
    motherofthree
    April 30, 2011 at 12:30 am

    unless she has done a quick deed to you its all hers

  2. Reply
    cnored9528
    April 30, 2011 at 1:26 am

    The question is, did you sign the mortgage papers loan? If so, you are going to be held responsible and your credit will be affected.

  3. Reply
    maybe
    April 30, 2011 at 2:23 am

    If you are not on the mortgage not at all, never signed it, then you are not responsible for repayment, and they can not hold you financially responsible. However, if they foreclose you will loose your home. You may or may not be able to qualify for another home in only your name, that would depend on your income and credit. In your scenario, only your spouses credit should be affected.

  4. Reply
    ken erestu
    April 30, 2011 at 2:27 am

    Although your name is not on the mortgage, your credit may be affected, if you live in a community property state. If so, the creditor may be able to come after you for what could be considered joint debt.

    Check here:http://www.fairmark.com/spousal/comprop.htm

    If she purchased the property PRIOR to your marriage, even in a community property state, then you would not be responsible and your credit will not be affected.

    Hope this helps.

    If you signed the loan documents, it doesn’t matter that you name is not on the bill since the original loan was sold. This is simply an oversight on the part of the company that bought the loan.

    Bottom line, with the new information you provided, yes, your credit will be affected if the property is foreclosed.

  5. Reply
    M v
    April 30, 2011 at 2:53 am

    If you signed for a Mortgage, the you will be responsible for it.

    It doesn’t matter who’s name the house is in. Its the mortgage that effects the foreclosure, not the deed.

  6. Reply
    alterfemego
    April 30, 2011 at 2:59 am

    Because you are legally married, you will carry some of the financial responsibility. And with that yes, your credit could be impacted by a default on the loan.

    You would be wise to do everything you can to prevent the foreclosure. In today’s market, there are more places to ask for help. HUD has approved this counseling service call them 888-995-HELP. Also call you lender and talk with them about alternatives. The pressure is really on these lenders today to work with their clients. Don’t be too ashamed to call, this is alot of money and heart and soul you’ve invested here. Fight for it if you can.

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