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Ellen
Ellen, Lawyer, Consultant
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Thank you for your quick response on my question of wills in

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Thank you for your quick response on my question of wills in FL vs NY!

My son has a house in foreclosure. If he sells it on a short sale in lieu of the foreclosure does this have any better affect on his credit? And, as a further note the house was in his wife's name - will this relect on both of them or just her?

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Hello,

Thank you so much for your new question. I appreciate the excellent service rating and bonus that you left me on the last question.


If he sells it on a short sale in lieu of the foreclosure does this have any better affect on his credit?
A short sale will reflect less negatively on a credit report.

And, as a further note the house was in his wife's name - will this relect on both of them or just her
If the mortgage and note are not in your son's name, a foreclosure/short sale will not reflect on his credit. Therefore he will need to determine whether both the house and the mortgage are solely in his wife's name

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