If my husband bought a house shortly before we were married and it is in his name only, what happens if we have to walk away from it?
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If my husband bought a house shortly before we were married and it is in his name only, what happens if we have to walk away from it?
Will it only affect his credit?
Asked on October 24, 2012 under Bankruptcy Law, Alabama
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
If the loan for the home that your husband presumably received for the home that he bought before marriage is solely in his name as well as the promissory note and motgage, then if the home is foreclosed upon, only his credit score, not yours will be adversely affected. Good question.
I suggest that you and your husband consult with a real estate attorney about a possible short sale of the property you are writing about.
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