note: Short Sale When Only One Spouse Is On The Loan
- 05/11/11 12:46 AM
Sometimes loans were made with only one spouse on the loan. What happens to the non-borrower spouse when a house goes into foreclosure or sells at a short sale? If someone is not on the loan a short sale should not impact their credit or ability to obtain future loans. This should be verified with an attorney and a mortgage broker. First of all, how did it happen that only one spouse is on the loan? Possibilities include; One spouse had better credit than the other and enough income to qualify for the loan. One spouse already owned the house and … (1 comments)
Sometimes loans were made with only one spouse on the loan. What happens to the non-borrower spouse when a house goes into foreclosure or sells at a short sale?
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