Re: marriage debt
Posted by ucmahelp on November 13, 2007 at 17:25:25:
In Reply to: marriage debt
Posted by Michell on November 13, 2007 at 07:17:33:
With both people on title and only one of you on the mortgage, as mortgagor, only the mortgagor's credit is affected. Only the mortgagor is liable for the mortgage debt, therefore the other owner's credit is not effected by the mortgage default because the other owner is not liable for the mortgage debt. In reference to bankruptcy, the best advise is to speak to an attorney who specializes in bankruptcy. Maybe call information and request the attorney referral service in your area and ask for names and numbers of 3 attorneys who specialize in bankruptcy, I do believe you may receive free consultation over the phone after you call one of those attorneys on the referral service. I believe most foreclosure laws apply in the state the house is located - hope that helps - good luck
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