I signed the mortgage, but my husband financed. Is my credit score at risk?
My husband and I bought a house 4 years ago, and my husband took out the loan entirely in his own name. But at the time, I was told that I needed to sign the mortgage because that was the law. So I did. The mortgage isn't on my credit score or anything.My husband just lost his job and we haven't been able to make payments. We're afraid that we're going to have to go into foreclosure, and I'm wondering if my credit score is in danger because my name is on the mortgage? Will I be able to take out a mortgage on a new home? by debbiest1277 from Cherry Hill, New Jersey. Jul 26th 2010
Akali Dennie (adennie)
#54 ranked lender in Florida - 196 contributions
I would suggest that you speak with your lender IMMEDIATELY and apply for a loan modification. Refinancing would not be an option if your husband has already missed payments. Please ask your lender about the Home Affordable Loan Modification Program. Hope this helps. Good luck.
Peter Kelsey (pkelsey)
#12 ranked lender in South Carolina - 8 contributions
Depending on the state you are in it is possible that your husband was the only person on the loan and you were just required to sign the deed of trust, etc due to state laws. If this is the case , then as long as you can stand on your own without your husbands income you may be able to get a new mortgage. It really will come down to what state you are in and trying to purchase a home as to the exact scenario as every state differs
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