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anonymous need help
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Post subject: father on deed as first borrower |
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| My dad signed for my home as borrower and I am coborrower but I made all payments until I was recently laid off and my mother got sick and I took care of her until her passing. Now I am faced with having to save my home but I can't seem to get any assistance from anyone because he is the borrower of record. Can I do a quit claim deed to get the home in my name so that I may qualify for assistance from local agencies? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Hi Guest!
Welcome to forums!
Quitclaiming the property in your name won't help you in getting any assistance as you would still be listed as a co-borrower of the property. You can ask your dad to apply for a loan modification with the lender. If the lender accepts his request, then, may be, you would receive a low interest rate to make your monthly payments.
Feel free to ask if you've further queries.
Sussane |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1731
35.55 Dollars($)
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Annoymous
You said you are already a co-borrower on the laon and why you are havign difficulty in gettignt he loan modified
Are you saying your name is not on the property |
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orli254
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i had a forclosure back in 2003 how long will stay in my credit.  |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1731
35.55 Dollars($)
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Probably 7 years
But you can go for loan probably after 3 years |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi orli,
It's true that a foreclosure, like any other negative item, would remain on your credit report for 7 years. However, you would be able to get a loan after 3-4 years. You can apply for loans before that but the lender would charge a higher interest rate.
Thanks |
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curious
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Post subject: foreclosure and marriage |
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| If I marry someone who has a foreclosure on their credit, will my credit be affected? |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Hi curious,
Your credit will not affected just because your spouse has a foreclosure in his/her credit report.
_________________
Procrastination is the enemy of your financial success |
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Entitled?
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Post subject: Wife on title, not on loan, does foreclosure hurt her score? |
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| Will my wife's credit score be affected if our home is foreclosed, or just mine since the loan is only in my name. Her name is only on the title. |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2650
Location: New Brunswick, New Jersey
489.32 Dollars($)
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Hi Guest,
As your wife's name is not on the mortgage docs, her credit report will not be affected due to the foreclosure of the property. Your credit score would, however, get reduced by 250 points.
Take care
_________________
Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020 |
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ngoo
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Post subject: effect of fha foreclosure on credit |
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| I am current on my mortgage but will face an fha foreclosure because the property is not my primary residence. how does that affect my credit? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi ngoo,
If the mortgage is in your name, then your credit score would get lowered by 250 points and you would be responsible for paying off the deficient amount to the lender. The foreclosure would remain on your credit report for the next 7 years. Moreover, you won't be able to qualify for a mortgage in the next 3-4 years.
Thanks |
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Kristen
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Post subject: FORECLOSURE |
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my husband purchased our home 4 years ago before we were married. Since then he has lost his job and ran a business into the ground loosing everything. Meanwhile, I have been at home with the babies. What am I resposible for? My name is not on the loan but I do live in the hose. We were served with forclosure papers last month and have a court date this comming week. Please help! I cannot trust my husband with anything he says...  |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Hi Kristen,
You've mentioned that your name is not on the mortgage document. In that case, the lender will not be able to sue you for the mortgage dues nor will it affect your credit report. However, your husband's credit score will be lowered by 250 points and he would be responsible for paying off the remaining dues.
_________________
Procrastination is the enemy of your financial success |
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TOBY LOTT
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Post subject: forclosure |
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I have two properties on my credit report and my credit score is 785. I have not missed a payment on any of my accounts in nine years.. If I foreclosed on one of the properties, will I still take the 250pt hit or will it be less of an affect on my credit score since I have another mortgage...I only have $8000 in total debt that will be paid off by June 2010....
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
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