Stop Foreclosure Option
November 8th, 2006
Stop Foreclosure Option
Question: Will a foreclosure mess up my fiance's credit if it is finalized after we are married?
My mortgage is severely underwater. Realtors have given us 0 real chance of selling it for anything close to what I owe. We met with a lawyer who informed us our best financial option is to stop paying and allow the house to be taken in foreclosure. I am aware of the damage this will do to my credit, but I am curious is this will have adverse consequences on my fiances credit. Her name is nowhere on the mortgage. We are getting married in May, but the foreclosure will not be complete by then. Will her credit be ruined as well?
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Answer: It should not as long as you continue to keep your credit separate. Don't apply for any joint accounts.
How to Stop Foreclosure - 7 options to consider
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