Housing Decisions -Take Charge America, Inc.

[thugginsin]

you just want to live in a home/apartment, rent/no rent but all the other misleading words like mortgages? So if i "buy" (fully bought!) this house am I'm still paying rent? is that my piece of land or does it still belong to the big business's?

[candyflip1971]

I have a question for you. I live in Illinois, and my wife and I are both on the mortgage, but only my wife is on the note. If our house goes into foreclosure, would my credit be affected? Also, if I buy another home in my name only, can the bank put a lien on my new house? And can they garnish my wages? Please advise. Thanks!

[TakeChargeAmerica]

@candyflip1971 Thank you for the question. As for your credit, it should not be damaged since your wife is the only one on the loan. First mortgages do not garnish wages since a house is held as collateral and the bank will get the money through a foreclosure. If the house goes into foreclosure they cannot put a lien on a new home since they are held as two separate entities. We do recommend you speak to a real estate attorney in your state.