I Just Married a Marine Now on Deployment. I Want to Clean Up My Debt Before He Gets Home. – Tami

“Dear Steve,

I just got married a few months ago to a USMC guy in NC…will have to move to NC when he gets back from deployment. I have quite a bit of credit card debts and high mortgage payment while living off paycheck to paycheck.

Husband’s name is not on any of the debts I owed currently. Would like to rent or sell condo before relocating to NC but the estimate value of condo has gone down significantly. I didn’t pay off premium enough to refinance and can’t sale because of the deflated estimate value of condo. Owe: $107K, value: $83K

Will short-sale effects my husband’s credit and his military status even though his name is not on the mortgage?

Tami”

Dear Tami,

The short answer is that it will not impact him. But it might just be worth considering a plan of action to address your entire situation so you can begin your life together anew.

What I’d suggest is that you contact a local bankruptcy attorney and discuss your situation with them. The bankruptcy attorney might suggest handing back the house to the bank and then going for a Chapter 7 bankruptcy to discharge the lingering liability for the house and your other debt.

If you did this where you are living now, before moving, it will be a heck of a lot easier. This might just give you the remedy you need considering you may still owe the difference between the short sale and the original mortgage and while you are living paycheck to paycheck now, the relocation may result in a gap in employment which may just make your financial situation worse.

If you took care of all of this before you moved it will not impact your new husband at all and it will be behind you so you can start fresh.

Does that sound like a reasonable approach?

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You can click here to find a local bankruptcy attorney and if you’d like a second opinion about your situation or a personal consultation by another debt coach, please feel free to contact Damon Day.

Please post your responses and follow-up messages to me on this in the comments section below.

Sincerly,


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Damon Day - Pro Debt Coach

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