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our home loan is under my wife's credit and no loan on mine. Although, i am on the title of the hoam. I have my military V.A. govnt home loan still available to me. If my wife were to let our home go and affect her credit...would the mortgage company come after me? I want to use my v.a. loan under my name alone and get a different home. let the one we are in now go, but dont know if i would be liable...even though the loan is not under my name.
Optional Information: State/Country of Question: California Already Tried: nothing
The mortgage company can only pursue legal action against individuals that signed the mortgage. You need to keep in mind that the mortgage documents are a contract between the mortgage company and the individuals that signed. As such, those parties are responsible for abiding by the contract. If you did NOT sign that contract, then you cannot be held liable. So, your plan to "let" this house go and then purchase another home with your VA loan sounds viable. I hope you found my answer helpful. If so, please click on the green ACCEPT for my answer. This is necessary for me to be paid for my work and so that I can get credit for assisting you. Your question will not close, and you will still have the opportunity to follow-up if needed. Leaving a bonus and positive feedback is not required, but doing so is certainly appreciated! Thank you and good luck!
Experience: I have 15 years experience in the legal field, currently specializing in criminal and family law