 lsager
Joined: 06 Aug 2009
Posts: 1
1.31 Dollars($)
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 Posted: Thu Aug 06, 2009 6:27 am Post subject: Will i be affected if loan is foreclosed, if i am not on the |
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| Will i be affected if loan is foreclosed, if i am not on the loan, only on title and sign the deed of trust b/c i am an owner?...Wife and Husband are separated. Wife wants to refiance vacation home in Florida. Husand and wife are both on title. Husband is not on loan. Wife and Husband will sign deed of trust, but husband not on loan. Will the husband's credit, etc be affected or be responsible if the loan is foreclosed??? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7447
Location: bloomfield, ct
70.06 Dollars($)
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| Posted: Thu Aug 06, 2009 7:36 am Post subject: |
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anyone who owns property will have a ding on a credit report if that property is foreclosed.
foreclosure is public record, and public records appear on credit reports. therefore, though a payment record wouldn't show up, the legal action taken would appear. you'd have to maintain some sort of records so that future creditors would understand the situation, and you'd need to provide a suitable explanation to those future creditors, as well.
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George M. Akerley
Loan Consultant
860-221-5044 |
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