GOT QUESTION?
I am considering a strategic default and just trying to gather information. One thing I can't seem to find. If we walk away from our house, will it affect my husband's credit score? I purchased the house before we were married and the mortgage is only in my name.
Thanks.
BD
Thanks.
BD
GET ANSWER…
Dear BD:
If your husband signed the promissory note then it would affect his credit score. Since you bought the property in only your name and since your husband has not signed any loan documents for the house (promissory note) then it will not affect his credit score. Even if your husband signed the mortgage but not the promissory note, it would not affect his credit score. The promissory note give a lender the right to report to the credit bureau, since the promissory note is evidence of a loan for money. A mortgage is simply a security lien against the property. A mortgage is not a promise to pay money.
To be absolutely certain, you and your husband should request a credit report from the three (3) major credit reporting agencies. The agencies are Experian, Equifax, and Trans Union. These agencies are required to provide a free credit report once a year. You should carefully review your husband’s credit report to make sure there is no reference to the mortgage loan on his report. In fact, you should carefully review both of your reports to make sure there are no errors on the report. If you or your husband find an error on your report, you can dispute the improper information.
Feel free to contact me at anytime.
Thank you.
Augustine A. Diji
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