If my husband loses our house due to foreclosure or bankruptcy, will it affect my credit also?

Question

We have a house, but the loan is only in his name, my name is on the deed, because we are married, but if we lose the house due to bankruptcy or foreclosure, will it affect my credit also. (We live in the state of Missouri).

Answer 1

i don't know how it works in the USA but in the UK it is only the person who's name is on the deeds or anything that there is to lose for example Cars,Boats, Caravansetc and we cannot have any forther Credit for 6 or 10 years

Answer 2

It shouldn't affect your credit if he's the only one on the loan. You're on the deed because you're the spouse. But to be safe you should probably pull your credit and make sure there's nothing on it from the mortage lender.

Answer 3

only if you file jointly. But remember any credit he files on and you are jointly responsible for will not be discharged and the reporting may and I have seen it over lap onto your credit file as included in BK

Answer 4

If you live in a community property state, a mortgage obtained after marriage becomes by law a joint debt regardless of whether or not one spouse listed the other

on the application.

That being said, Missouri is not a community property state,

so you may be ok unless there are more obscure local laws

at work here. The following are community property states

in the US:

Arizona, California, Idaho, Louisiana, Nevada, New Mexico,

Texas, Washington, and Wisconsin.