Open Question: Co-Borrower credit on a foreclosure?

Open Question: Co-Borrower credit on a foreclosure?
My wife and I are foreclosing on a rental property that we had out of state……long story. I was the primary borrower (applicant) and my wife was the co-borrower (co-applicant) on the loan. I know my credit is going to be trashed but does anyone know if her credit will be affected as severly as mine? I'm sure her credit will be negatively affected but I am wondering if it is going to go down as much as mine since she was only the co-applicant. Can we still use her credit in the next couple of years to obtain new credit or buy a car?
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Open Question: When is enough enough when your husband lies about money?
OK, Here is my dirty laundry. I am just beside myself. Got married 4 1/2 years ago. On my wedding day I found out his house was in foreclosure, married him anyway. Then turns out he had filed a bankruptcy (he never disclosed that to me either). Owes money all over town. After 4 years, I have everything in my name, he can't get any credit what-so-ever. Long story short we did have a decent sum of money in a Roth IRA… (so I thought) 2 Weeks ago, I get a notice from the IRS stating that we owe 10,000.00 in back taxes for cashing out our IRA. I have no idea what he did with our life savings, he won't tell me the truth.. I love the man, but I think I need to leave him…. There is no trust left, or can you recover from something like this? Any feedback would be greatly appreciated!
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Open Question: Will credit card default cause home forclosure?
I have no equity in the house but want to keep it over the credit cards if they charge off and go to collection can or will the creditors demand home foreclosure.
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Open Question: Had illegal aliens contributed to the USA's economic recession ??
The news media avoids the "R" word (recession), but they do report on lower consumer spending, job layoffs, record foreclosures of homes, rising unemployment, etc… which = RECESSION !! No one in the news media is mentioning how much $$ illegals are sending back to their native countries. When you hire an American, he/she spends ALL of it back into the economy. When you hire an illegal, he/she SENDS up to 40% of their earnings outside of the USA. This is $$ that's not going back into the USA economy, and news media is not reporting this, so as not to offend the Latino readers (immigrant bashing). Do you believe illegals had contributed to our economic recession by sending $$ outside the USA, — instead of spending it BACK into our economy ??
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Open Question: property assessed higher than it's worth?
I'm buying a home in Michigan and found out that the property was assessed at about $86000 for taxes. Since it's a foreclosure I'm picking it up for $34500. The problem is I might be getting a good deal on it, but there is no way the it's worth $86000. The bank told me that the price of homes are going down faster then what they are assesed at for taxes because the city doesn't want less tax money than the pervious year. What should I do?
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Open Question: on Yahoo Real Estate - Can you buy Houses in Foreclosure at their listing price?
I'm starting to learn about real estate in general. A house in my neighborhood on yahoo real esate is in foreclosure with $25,000 left to pay on the house. Can you make an offer to the bank to pay that $25,000 off and take ownership of the house? Or do you have to go to the auction and bid that? Please answer both questions. Thanks.
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Tags: foreclosure, home equity loan