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Will short sale hurt spouse's perfect credit?
Will short sale hurt spouse's perfect credit?By Benny L. Kass, Inman NewsQ. I am upside down on my home, which I purchased before getting married, and my spouse has not been added to the loan. Can I do the following: short sale and default on the balance without wrecking my spouse's perfect credit or declare bankruptcy without wrecking my spouse's credit?A. You indicate that your wife is not on the loan. Make sure that she is also not on the deed of trust (mortgage) that you signed. Since you bought the house before you got married, I suspect that she is completely out of the loop.So, yes, you can proceed with either of your alternatives. But before you lose your home, have you tried all available options? Have you explored the various federal and state programs designed to save homes from foreclosure?Have you tried to modify your payments, although this is still a major problem throughout the country?And, finally, have you offered to give the property back to your lender? This is known as a deed in lieu - a deed instead of a foreclosure. Many lenders have started accepting deeds-in-lieu. They are beginning to realize that foreclosure costs are expensive, and if they are going to be ... more

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