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I might be in a possible divorce situation. The house is in the husbands name and he is the sole borrower. I am not on loan or title. We both have excellent credit and live in Nevada. If we decide to short sale or attempt a mortage modification will my credit score be affected?


Expert Thomas Graham iii's Answer:

If a short sale or mortgage modification is attempted I don't believe there will be a negative impact on your credit score. This is the case because you are not on the title or the loan. Therefore, you are not personally liable for the debt. I will warn that a short sale or a mortgage modification are going to negatively impact your husband's credit score. Both scenarios commonly require that a lender be delinquent 30-90 days before the lender would even consider the scenario. At this point it is common for the debt to show as being in the pre-forclosure stage on your credit report which is pretty much just as damaging as having a forclosure on your credit report.

Thomas Graham iii, CPA, CFE


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