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Question:


Our primary residence was recently foreclosed. My husband lost 2 jobs last year, which set us back considerably. I have a stable job with the state, but he has nothing. How will this affect our access to credit? Will we ever be able to beat this debt?
-DESmith


Answer:


You may be out of your mortgage debt already. Some states have “anti-deficiency laws” restricting the ability of a lender to pursue a foreclosed homeowner for the difference between the unpaid balance on the mortgage and the amount that the lender received from the sale of the home. You should check with a real estate lawyer in your state. If you can’t afford one, try consulting a nonprofit legal aid or consumer debt organization in your area.
 
You don’t mention what other debts you and your husband have, but if they are overwhelming and you have no reasonable expectation of being able to repay them in the foreseeable future, then bankruptcy is an option. That’s something else that a consumer debt organization can help with. Just remember, employers often run credit checks on prospective employees, so having a bankruptcy on your record could make it more difficult for your husband to land a job.
-Conrad de Aenlle



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