Credit protection


#1

My husband and I have been separated since May of this year. Our agreement has been written where I would assume ownership of the home in a certain time frame (though it wasn’t specific if that time frame would be from the date the agreement was signed or the date of the separation). Our circumstances have changed a bit and he has moved out of NC and back to the midwest. He states that this move will only be temporary. I no longer want the home and the time period has expired on when transfer of property was to be made to me. I am not on the loan but am on the deed and I’m afraid he will not make payments on the home and the house will go into foreclosure and worse that he might file for bankrupcy. I’m wanting to know if I file my separation agreement with the court will that project me from any negative credit effects if either of these possibilities happen?


#2

Not an expert or a lawyer, but if you’re not on the loan, it should not impact your credit.


#3

Thanks for your thoughts. I have had some mixed opinions on it from others. Is there an attorney that can help with some clarity??


#4

I agree that it should not impact your credit because the debt is not in your name, but it sounds like you are in breach of your separation agreement because you did not refinance the property in your name in the time allotted in the agreement. Filing or recording your separation agreement won’t help.