So weve been paying mortgage on time everytime for the past 6 years. And are currently weighing our options. Short sale VS foreclosure. My husband bought the house in his name before we were married in 08. So just trying to figure out our best option. Will the foreclosure be on my record? Will we have problems renting an apt? 1 benefit we are looking at with foeclosure is being able to stay here mortgage free for as long as we can. We own a townhome 1300.00 mortgage and 236.00 assoc fee Every month… As of right now we are just making it, but we want to be comfortable! Im a full time pharm tech, and hes a stay at home day, and works on my days off. We are basically never going to get ahead to save up for a real house. Our house is worth almost 35,000 less than we bough it at. Then the downfall, who really wants a foreclosure on their record! Please any advise, or stories in the same situation Please 
Married in 08! House was purchased in 06. Stay at home Dad. we plan on renting and saving up for at least 5 years.
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If the mortgage is not in your name the foreclosure would not affect your credit and not be on your credit report.
If you were to purchase a house, you would have to leave your husband off the mortgage loan application, as most lenders would only entertain an application from someone that has had a foreclosure, short sale or deed-in-lieu would require a 2-3 year wait.
Since this is the case you would have to qualify fir a house with your income, credit and credit scores.
In order to have a short sale you must list the property through a real estate agent as required by most lenders. Most lenders would require a real estate agent to assist in completing the short sale package.
Even with a short sale your husbands credit report will reflect a negative. Most foreclosures, short sales, deed-in-lieu of foreclosure are all about the same on a person’s credit report.
Renting an apartment would be based on how you impress the landlord or property manager. Most understand the economical conditions of today and would understand.
In some instances you should look at your financial condition, and make a decision as to how best you would be with or without the condo.
You are planning to rent an apartment for about 5 years.(No equity)
You might accumulate equity in the condo if you are able to remain there and pay your mortgage as you have for the past few years. Property values will eventually appreciate. Five years sound about right for stabilization of prices.
You might still save for a "Real House"
For tax and legal matters you should always consult our tax consultant or attorney.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"