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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Post subject: RE: Investment Property Foreclosure affects business credit |
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Hi Guest,
Welcome to forums.
Usually business credit scores range from 0-100 with any score equal to 75 and above implying an excellent credit rating. It's quite obvious that if you're in the business of investing in real estate, a foreclosure on your investment property will drop down your business credit score. And I think for a few months you won't be able to get another corporate credit card.
Thanks |
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Yvonne
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Post subject: Quit Claim before Bankruptcy |
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| I may have to file bankruptcy due to our business failing. My mothers home is in my name in Massachusetts and I also own my own home in ATL. Can I quit claim my mothers home to my sister so that it will not be affected by my bankruptcy?? |
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banker0679
Community Expert
Joined: 15 Nov 2007
Posts: 452
Location: Charlotte, North Carolina
19.27 Dollars($)
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Post subject: |
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Hi Yvonne and Welcome!
You should ask your bankruptcy attorney. This practice maybe construed as deceptive, and may get you in a great deal of trouble. I highly recommend that you DO NOT do this.
Please respond back after you have contacted a Bk attorney.
Thanks
Robert
_________________
there's always hope!
"My credit score shot up 68 points!" |
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sheila
Guest
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Post subject: foreclosure |
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| Im getting married next year my fiancee owns a home and so do I. We are both upside down. his more than mine. He wants to walk away from his home, prior to us getting married so we can live in mine. Will I inherit his bad credit due to foreclosure once we are married next year |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2619
Location: MICHIGAN
415.87 Dollars($)
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Post subject: |
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Hi sheila!
If the mortgage and the property deed is in your fiance's name, then your credit will not be affected in an way. But your fiance can't just leave the house and come to stay with you. He will have to do a short sale or deed in lieu or foreclosure.
Thanks,
Jerry |
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sweetp
Guest
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Post subject: Renting after foreclosuer |
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| Are you able to rent after going to foreclosuer? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi sweetp!
Welcome to forums!
If your property has gone for a foreclosure, then you will not be able to rent it. After foreclosure, the rights of the property has gone to the lender and he will sell it.
If you mean to say that whether you will be able to rent a house to live in after foreclosure, then I would say, yes, you can.
Sussane |
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isaacoregon12
Joined: 23 Oct 2008
Posts: 1
1.34 Dollars($)
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Post subject: |
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Yes the scores will be affected negatively and will stay on your records for long 7 yrs. The only way to delete it before 7 yrs is, to dispute the same with CRA. In case you are not aware of the process get yourself helped by the repair services.
No promotional links |
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Dee
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Post subject: Please HELP!!! |
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my bf is going through a divorce, the Ex let him keep the house. She wants her name off the loan. Refinancing is not an option, the house is worth $120,000 and he already owes $370,000.
He thought about forclosing on the house, but then it affects both of their credit. We want to buy a home together, what options does that leave us? |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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Post subject: |
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Hi Dee!
If your name is not on the mortgage or on the title of the property, then a foreclosure will not affect you. Refinance was a option but that is not possible as you have mentioned. You can speak to the lender about an alternative payment plan which will be easier for both of your to pay off the debt. If that is not possible, then you can try for a short sale or a deed in lieu of the house.
Thanks
_________________
Good is the Enemy of Great. |
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rana
Guest
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Post subject: forcloser |
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| is forcloser home effect my credit |
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cliff3
Community Expert
Joined: 05 May 2008
Posts: 328
Location: Houston
75.44 Dollars($)
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Post subject: |
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Hello rana,
A foreclosure can end up lowering your credit score by 150-200 points. If your score is below 580, then it is usually unlikely that you will qualify for another loan. The foreclosure will affect your score very predominantly for the first 2 years on your credit report. It will remain on there for 7 years.
Have you contacted the loss mitigation department at your lender? They have several workout options that you may qualify for to avoid foreclosure.
Let us know if you still have more questions.
Good luck. 
_________________
Cliff Pape
Market Analyst
www.home-buddies.com |
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darlene
Guest
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Post subject: quit claim deed |
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| How long does it take for a quit claim deed to be processed thru the courts. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2619
Location: MICHIGAN
415.87 Dollars($)
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Post subject: |
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Hi darlene!
As far as I know, a quitclaim deed can be drafted by an attorney and needs to be signed by the grantor (and in some states, grantee). Then you need to notarize it and record it in the county recorder's office. I haven't heard of quitclaim deed being processed through courts.
Thanks,
Jerry |
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mr white
Guest
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Post subject: |
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| I am interested in making a purchase of a house by quick claim deed. Would I be the sole owner? How do you find out if there any loans on the property currently? |
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