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sara
Moderator
Joined: 05 Jul 2006
Posts: 2650
Location: New Brunswick, New Jersey
489.32 Dollars($)
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Hi Toby,
If you let one of your properties go into foreclosure, it will effect your property in a negative way and reduce your credit score by 250 points. Moreover, as a negative item, it would remain on your credit report for the next 7 years. Also, you won't be able to qualify for a loan in the next 3-4 years. It will hardly matter whether or not you had a second loan.
Take care. |
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Kasper_5277
Joined: 14 Nov 2009
Posts: 24
0.00 Dollars($)
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Post subject: thanks |
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| very helpful information thanks sara |
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sweetpea
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Post subject: Forcloser process |
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| My fiance's home was in the forcloser process because his ex-wife was ordered to pay the mortgage and insurance while she resided there. He then purchased it out of the forcloser. Will the fact that it originally went into forcloser affect his credit |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Welcome sweetpea,
If your fiance's name was not on the mortgage when the property was foreclosed upon, then his credit would not be affected in any way. However, if his name was on the mortgage, then his credit can get lowered by 250 points.
_________________
Procrastination is the enemy of your financial success |
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8374
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Post subject: foreclosure |
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| if i foreclose on my home how will it affect my father who is the co borrower credit wise ? |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Hi Guest,
As your father is the co-borrower of the mortgage, his credit report will be affected similarly as yours. Your father's credit score will go down by 250 points after the foreclosure. Moreover, he will not be able to qualify for a mortgage in the next 3-4 years. As a negative item, the foreclosure will remain on his credit report for 7 years.
_________________
Procrastination is the enemy of your financial success |
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nando
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Post subject: deed liability? |
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Hello all-
Question: My name is the only one on the note. However, my name and my mother's name are on the deed? I am trying to short sale, and if not successful, I plan on doing a deed in lieu. I already know I will get a credit hit, but will my mother's credit get affected even though she is not on the mortgage note? |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Welcome nando,
As your mother's name is not on the mortgage docs, her credit score will not be ruined due to the deed in lieu of foreclosure. It is your credit score that would be ruined due to the deed in lieu of the property.
_________________
Procrastination is the enemy of your financial success |
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Dee
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| My fiance is going through the foreclosure process. I have two children and excellent credit. If we marry before the house is forclosed, will it hurt my credit in any way? We want to do what's best financially. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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not at all, dee. what's his is his until it becomes yours jointly, and you won't be taking a share in his dwelling, of course. you have no liability at all.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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TT
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| If filing a bankrupcy and the homestead is not included but gets forclosed shortly after anyways how will it be looked at, another big hit to credit and if in question should it be included in bankrupcy to atleast minimumize more damage to credit |
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| Bankruptcy as a whole will affect your credit score and lower it. Whether there's a homestead on the property or not will have nothing to do with the credit affect after bankruptcy. |
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blondie3827
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Post subject: forclosure delima |
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| Hi, my question is: If I have had a foreclosure and the house has since been sold to another couple, If I was put on another morgage loan title (with my new spouse), can the old (foreclosure) company legally put a lien on or come after me for the foreclosure amount on the previous house? |
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texasproperty
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Post subject: foreclosure in texas |
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My husband who is physician , just a stroke,affecting speech, not able to work, we are not able to pay on mortgage, planning to through foreclosure,does it affecting any personal assest,and also does matter if property is in trust.
thank
mu |
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Jen
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Post subject: Quit claim |
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| I would like to take over someones mortgage loan, pay up what they are in default.Then get a quit claim to take over the property at a lower price. Can I do that? |
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