Will a foreclosure affect my wife’s credit, if the mortgage loan is only in my name but the deed is in hers?

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I have a house which is being foreclosed. The first and second mortgages are in my name only. However, I did a quick-claim deed to my wife about a year ago, so the deed is in her name. Will this foreclosure affect her credit or mine alone since I am the one responsible for the mortgages?

4 Comments
  1. Reply
    NorCalGal
    February 8, 2011 at 11:23 am

    This probably will not affect her credit rating. It’s the loan that is reported so you will take the hit on this one.

  2. Reply
    Matty2tan
    February 8, 2011 at 11:46 am

    Most likely the “quit-claim” deed did not transfer title to her, unless you recorded a new deed at the courthouse. The lien holders probably would not have allowed it anyway. The quit claim merely transferred any interest in the property you may have had to her…subject to any liens. The lien holders are now using the property you pledged as collateral , and put a mortgage on to recoup their investment-You are on the deed to secure debt-so you are responsible for the debt-her interest is wiped out by the foreclosure, their is no recourse for the lien holder to adversely affect her. So, short answer, her credit will not be affected by that foreclosure.

  3. Reply
    Richard Wang
    November 2, 2011 at 12:22 pm

    Question is if mortgage only on my name and deed on both my name and my wife’s name, the house is for short sale and foreclosure. Does my wife’s credit will be affected or influenced?

  4. Reply
    Richard Wang
    November 2, 2011 at 12:26 pm

    Deed on both name, my wife and I, Mortgage is only on my name? if the house is foreclosure, does her credit will be affacted?

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