Ive been searching and reading posts on here trying to answer my specific questions but couldnt find anything.
Hubby and I had chapter 7 discharge all debts almost 2 years ago. We did not reaffirm our mortgage but instead kept the home and just paid on time every month. We just realized that its reporting as IIB on all credit reports. This is good as we are considering walking away because home is about $50K underwater with an 80/20 loan. 10 years ago when we bought the home my credit was the best so my husband's name was not listed on the mortgage. I dont believe his name in on the deed either. We did a mortgage modification twice during the 10 year period that we owned the home and they included his income when deciding to modify but I dont know for certain if they added him to the note or deed when this happened. Anyway, as stated, we are prepared to walk away and would like to purchase a new home within the next year with maybe just his name only this time since mine will apparently be tied up in forclosure paperwork for a few years until the deed is transferred.
Has anyone had any experience with this situation with only one spouse going through foreclosure but both experiencing a bankruptcy? What would he need to do in order to quallify for a new mortgage? The 24 month waiting period is up next month. Any insights you can provide would be greatly appreciated.
