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When foreclosure is "picked up" by the credit bureaus in public records --d

When foreclosure is "picked up" by the credit bureaus in public records --does this affect one's credit as much as the person's credit who is on the note? If I am not on the note (asked several questions regarding this prior), but my interest is foreclosed on, how much of a hit does my credit take? Why do so many say if you are not on the note it will not affect your credit? Is it the same effect to the credit even when you are not obligated to the note?

Asked on 12:00 am Jul 7th 2011

Anonymous

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If you are not on the Note, you are not obligated to pay. If you are not obligated to pay, there is no effect on your credit because it is never reported to your credit. The mortgage should not be on your credit report ever, not at all. You can not be reported late or foreclosed on for something that is not on your credit report.

Answered on 7:31 am Jul 8th 2011

Anonymous

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I cannot tell you how many points you lose in a case like that - simply don't know the answer. "So many say" because they don't know what they're talking about. Being obligated on the note means that the mortgage itself is being reported to the credit bureaus, so all the delinquency will show up. In that case, the person who is the borrower as well as the owner will suffer a bigger hit to a credit report than the person who is simply an owner.

Answered on 7:56 pm Jul 9th 2011