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How does foreclosure affect my credit if a divorce follows?

My husband and I are looking at a possible forclosure. He wants to give the house up. I want to keep it. We have enough money to make payments now, but he wont agree to pay the mortgage company. Our relationship is already on very shakey ground and in danger of collapse. My concern is if we split, how will a foreclosure affect my ability to find a place to live, get a job, buy a car, or just get credit? He is the one with the income, I have been a stay-at-home mom for 22 years.

Asked By: jen t - 5/30/2008
Best Answer - Chosen by Asker
WOW, are you in a pickle !!! Now, I am assuming you and your husband are both on the note and you are in a community property state and have co-mingled your funds without a prenuptial agreement. As most of us have done... More
Answered By: Lori N - 5/30/2008
Additional Answers (3)
If you are on the mortgage note...it will affect you in the same way it will affect your husband...very negatively.
Answered By: reenzz - 5/30/2008
 
It WILL affect you. Did you know differences in ways of dealing with money and financial matters is the #1 cause of marital discord?
Answered By: estielmo - 5/30/2008
 
Do nothing until you talk with an attorney so that your interest in the property is protected. A judge may force a sale, so that at least you get some of the equity. Or, the judge may award you the home and make the spouse pay the note.
Answered By: Miss V - 5/30/2008
 
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