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i signed the deed on my wifes house 5 years ago, with the present economic situation in the country,the house is facing foreclosure,if the house is foreclosed,is it going to be reported in my credit report/public report and is it going to affect me if i want to buy anything in the future.
Hi Bisiboy,
Yes, if the house is foreclosed, then it would appear on your credit report and normally a negative item stays on your report for 7 years. This would definitely affect your score and you may be treated as risky debtor by the creditors. However, you can still try to avoid it by setting a repayment plan with the creditor. This is called forbearance. Or else, you can file for bankruptcy. You can either go for chapter 7 or chapter 13 bankruptcy depending on your financial situation.