AboutDavid Expertise I can help answer questions on how to raise credit scores. I can educate you on all areas of credit scoring. My specialty is helping people recover from Bankruptcy and low credit scores quickly.
Experience I own a credit repair company and have helped hundreds of my clients raise their scores to purchase homes, cars and qualify for other loans.
Education/Credentials My background is in Financial planning.
Question My husband bought a house prior to our marriage approx 2 yrs ago. He has owned the house for 5 yrs. We had a renter and they will be out at the end of July. We put the house on the market last week for sale. We would like to break even, but my husband doesn't want to keep the house, or re rent it due to the distance involved. He wants to foreclose on it and not pay the monthly mortgage because I have been off work for 18 weeks for back surgery and will be going back at the end of July. I make good money (94000.00/yr) and he makes 35000.00/yr. I don't want this to hurt my credit score, or effect me at all. I have my own home and cars, etc.and we live at my home. Due to being off work I have went through my 10,000.00 dollar emergency fund and I don't want to put any of my money toward this home, either. He also wants to put any extra money to bills/refunding the emergency fund, etc. Please advise. Thank you.
Answer Interesting question Lesa. The biggest thing that needs to be considered is what happens when a house is foreclosed on. The debt doesn't go away. The difference between the total balance plus fee's and penalties and the selling price will still be owed to the bank. This is usually a big number. He will have a judgement levied against him and then wage garnishment. In addition his credit will suffer.
If you are not on the loan then there should be no credit consequences to you. Keep in mind, that in my experience, no matter how you slice it, bad credit and debt on one partner will always effect the other in some way. Hope this helps.
My specialty is raising Credit Scores. If you can use help with that let me know.
David McArthur
www.financialscoringsolutions.com
219-718-8566 direct
