Re: foreclosure
Posted by Julio Martinez-Clark on December 22, 2007 at 20:34:01:
In Reply to: foreclosure
Posted by susan on December 22, 2007 at 14:59:00:
Hi Susan,
I'm sorry to hear about the foreclosure in your home. Unfortunately, by
definition, a mortgage foreclosure is a lawsuit in which the plaintiff (the
lender) seeks to take possession of a property that is collateral of its loan
to the defendant. As the legal owner of the property, you will be named
as a defendant party in the lawsuit and your name will be in public
records. Your husband will also be another defendant party in the lawsuit
because he signed the note and mortgage documents.
In regards to your credit history, to my knowledge, you will not be have a
foreclosure in your credit report. Your husband will. Court house do not
and are not obliged by any means to report to the 3 private credit bureaus
(Experian, Equifax, and TransUnion). Only companies that extend credit to
you report to these 3 private credit bureaus upon default on a credit
extended to an individual. So, I wouldn't be concerned about your credit
history. I just don't see how your credit will be affected by your husband's
default on the mortgage if you are not in the lender's files/system at all. I
may be wrong; if I am I hope someone on this board clarifies my
