Legal Question in Real Estate Law in Maryland

Currently my husband and I are married and live in Maryland. We need to relocate to California for employment and family reasons. However, we have not been able sell or rent our present home in Maryland. Both our names are on the homeowner's deed, but only his name is on the mortgage loan. How will this effect our future credit history if we foreclose on the home?


Asked on 8/05/10, 4:47 pm

1 Answer from Attorneys
Robert Sher Wagshal and Sher

First of all, it would be the mortgage company foreclosing, not you. And this will have a profound effect on your credit. It might effect his credit worse than yours, since your name isn't on the loan, but as long as you're a couple that will still seriously impede your ability to get a new credit for some time. You would be better off trying to arrange a short sale for the amount of the mortgage, or even trying to get the lender to accept a deed in lieu of foreclosure, although that will negatively impact your credit as well.

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Answered on 8/11/10, 7:30 am


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