What is the name of your state (only U.S. law)? GA
My husband took out a 80/20 loan, but due to an illness+decreased income we no longer pay the 2nd mortgage, soon will need to stop paying 1st. The issue is that he will most probably have his credit history damaged badly due to being late on mortgage payments or possibly foreclose in the near future. Now, since he is on the both mortgages and on title and I am on the title only, will my credit history go to waste as well if he is delinquent and later forecloses on the house? Is there a way for my credit to be protected (fill out documents to remove me from title)?
Also, even if removed from title, will there be any other public records showing anything in my name in terms of foreclosure?
Thank you
My husband took out a 80/20 loan, but due to an illness+decreased income we no longer pay the 2nd mortgage, soon will need to stop paying 1st. The issue is that he will most probably have his credit history damaged badly due to being late on mortgage payments or possibly foreclose in the near future. Now, since he is on the both mortgages and on title and I am on the title only, will my credit history go to waste as well if he is delinquent and later forecloses on the house? Is there a way for my credit to be protected (fill out documents to remove me from title)?
Also, even if removed from title, will there be any other public records showing anything in my name in terms of foreclosure?
Thank you