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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
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.
How would they know I have a foreclosure if I do not use my ss# on the application?
Also, I forgot to thank you for your help and speedy response.
Thank you
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.