Own a home but also have a foreclosure on another house (mortgage, credit rating)

[revcat]

I have a home (have mortgage and am in good standing) and my spouse has a house in foreclosure. How will that foreclosure effect me? We became married last year and have not combined any debts or taken on any new debts. My spouses home is on the market, and has not yet been turned back over to the lending institution, but the "foreclosure notice" was posted on the door a few months ago. When it is turned back over to the bank (if it does not sell before hand) how will that effect me, if at all? i.e., taxes, credit rate, etc.?

[magellan]

Originally Posted by revcat

I have a home (have mortgage and am in good standing) and my spouse has a house in foreclosure. How will that foreclosure effect me? We became married last year and have not combined any debts or taken on any new debts. My spouses home is on the market, and has not yet been turned back over to the lending institution, but the "foreclosure notice" was posted on the door a few months ago. When it is turned back over to the bank (if it does not sell before hand) how will that effect me, if at all? i.e., taxes, credit rate, etc.?

I'm not an attorney, but I think if your name is not on the other home loan, then it won't affect your credit rating. The problem might become that at some point you'll probably need some kind of joint credit (new house for instance), and then you'll have problems.