Q: I purchased a house in my name only several years before getting married. The title is in my name only. I expect to lose the house through foreclosure and my credit has been destroyed. Will my bad credit prevent my wife from being able to apply for a future mortgage in her name if she is the only person listed on the mortgage/title to the new home?
A: The fact that the mortgage and loan were in your name only means foreclosure should not appear on your wife’s credit report. If she has sufficient income, and meets the credit qualifications to support a new loan on her own, then she will be able to buy a home in her name only in the future. (She can get the loan herself and you both can still hold title jointly.) However, if your income is required to support the loan, then the lender will want to review your credit as part of the application.
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