Can a married person sign an inter spousal deed to prevent both of their credit from ruin on a short/foreclose

I have a house for sale on short sale. I have excellent credit, just no income. If I do an interspousal transfer deed %26amp; fax copy to lender, will this prevent one of our credit report from showing the foreclosure? Is there any other action that can be taken to prevent total credit ruin?Can a married person sign an inter spousal deed to prevent both of their credit from ruin on a short/forecloseThe deed will not effect your credit one way or the other.



You both opted to not make your house payments, this SHOULD be recorded on both credit reports. You made this choice yourself, I doubt you will be able to hide it.Can a married person sign an inter spousal deed to prevent both of their credit from ruin on a short/foreclose
Normally, no. Its part of what you agree to when you both sign on the deed and the mortgage - you are both equally responsible, so you will both be equally hit by a negative credit mark.



The only exception is in states with "dower" rights, and even then, you would've had to give up your dower rights before the mortgage and deed were signed. If that doesn't sound familiar, it probably doesn't apply in your case.



There is a very good reason they make sure everyone gets a credit hit for foreclosure, and they've made it pretty airtight, especially in the last 7 to 8 years.Can a married person sign an inter spousal deed to prevent both of their credit from ruin on a short/forecloseIf both of your names are on the mortgage, and you are doing a short sale, it will affect both of your credit.



A deed has absolutely NOTHING to do with the mortgage.



There is no way around it because both of you had a legal obligation to pay it.Can a married person sign an inter spousal deed to prevent both of their credit from ruin on a short/foreclose
the only way you are no longer liable for this mortgage is if it is paid off. any other transfers, etc. are useless because you have signed and agreed to repay the loan.Can a married person sign an inter spousal deed to prevent both of their credit from ruin on a short/forecloseUnfortunately the people on the loan/mortgage are affected, not the people on title. Talk to a real estate lawyer to see if it wise (or feasible) to transfer the property into a trust, have the trust make the payments and then remove yourself from the credit bureaus by showing proof that the trust, and not you, is making the payments. It might be late, but you can give it a shot.



Regards