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Assumption

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hanth23 Joined: 22 Jul 2007 Posts: 23 10.95 Dollars($)	Posted: Sat Jul 28, 2007 5:31 am    Post subject: Assumption Please advise whether the delinquency of the assumed borrower affect the original borrowers credit report and is it fair to report the delinquency on the original borrowers credit report.
helping_user Joined: 31 Mar 2006 Posts: 785 Location: Hawaii 146.34 Dollars($)	Posted: Sun Jul 29, 2007 11:32 pm    Post subject: Hi Hanth, If any assumed borrower or co-borrower declared as Delinquent then it will definitely affect original borrower's credit report. Quote: is it fair to report the delinquency on the original borrowers credit report I think it's fair. Because when lender lends an amount of loan to a borrower with a co-borrower then co-borrower's obligations on a loan are the same as all other borrowers. And signing the document both the person are agree to pay of the loan. Thanks
larry Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)	Posted: Mon Jul 30, 2007 3:47 am    Post subject: Hi Hanth, A co-borrower or an assumed borrower is equally held responsible along with the original borrower for any obligation on the loan that is hold jointly. So, any delinquency on part of the assumed borrower will naturally affect the credit report of the original borrower by lowering his credit score.

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