cancel
Showing results for 
Search instead for 
Did you mean: 

Foreclosure

tag
Anonymous
Not applicable

Foreclosure

I was looking for a little guidance if anyone could help me.  I live in AZ and If my house is foreclosed on will that affect my wifes credit and will she be able to buy a house within a year or two.  My name is the only one on the mortgage and the title of the house.  Thanks in advance for you help

Message 1 of 5
4 REPLIES 4
ShanetheMortgageMan
Super Contributor

Re: Foreclosure

Shouldn't have any impact on her credit nor qualifying with most lenders... HOWEVER I am starting to see guidelines which say, "Lender will not approve any loan if the non-borrowing spouse has a foreclosure within the most recent three years and the foreclosure occurred during the borrower’s marriage to the non-borrowing spouse".  So there are lenders out there which are starting to take things like that into consideration.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 2 of 5
Anonymous
Not applicable

Re: Foreclosure

How would they know I have a foreclosure if I do not use my ss# on the application? 

Message 3 of 5
Anonymous
Not applicable

Re: Foreclosure

Also, I forgot to thank you for your help and speedy response.

 

Thank you

Message 4 of 5
ShanetheMortgageMan
Super Contributor

Re: Foreclosure

Welcome.  Well if you are using government financing, since you are in a community property state, the non-borrowing spouses credit report is always needed to incorporate their payments into the borrowing spouses debt to income ratio.  So they would require a credit report on you. 

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 5 of 5
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.