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Guest

have a 2nd home which needs work. cannot afford to fix it up and pay the mortgage on both homes and other bills am retired and on a fixed income have used up most of my savings keeping all bills current

adonis · Posted: Wed Dec 03, 2008 12:09 am Post subject:

Welcome hank,

A foreclosure will badly affect your credit report. It will lower your credit score by 250 points. Moreover if the lender cannot recover his due amount from the sale of the property, he may even ask you to pay the deficient amount or can even place liens on your other properties. Check out with your lender for the option of a short sale or a deed in lieu foreclosure.

Guest

thanks Adonis,being that the property is considered a rental prop and all payments are up to date. can i still do a short sale

adonis · Posted: Thu Dec 04, 2008 1:30 am Post subject:

Welcome hank,

I don't think you will face any problem in short selling rental property. But as you are up to date on the payments, I guess the lender will not be ready for a short sale. Lenders agree to a short only when you are delinquent on payments.

Guest

I live in a town home however i want to leave it the other home owners hardly pays there dues roofs leakin lights r not workin in common area become very dangerous do i let my house go into forclosure or a short sale will forclosure affect my credit for how long will i have to pay back any money

Guest

I was wondering if I myself am applying for a home loan and I need a co borrower in order for my own loan, but the co borrower in question has a foreclosure on their credit report how does that affect my home loan? Will it just increase my interest rate or would it affect my debt to income ration?

savior70 · Posted: Wed Oct 21, 2009 5:08 am Post subject:

To Bjmj,

You can either short sell the property or let it be foreclosed by the lender, in case you do not want to keep the town home. You can also opt for a deed in lieu of foreclosure and sign over the title to the lender. But no matter which one you opt for, your credit scores are surely going to be affected. In case of a short sale, your credit will be hit by around 75-100 points. On the other hand, a foreclosure or a deed in lieu will both drop your credit by almost 200-250 points. The difference is that unlike a short sale and a foreclosure, in a deed in lieu the deficiency is likely to be forgiven by the lender.

To MHL,

The co-borrower is as much responsible for the loan as the primary borrower is. It is true that the credit score of the primary borrower is the main factor that affects the interest rate on your loan. But if the co-borrower has a good credit score, it too affects the interest rate on the loan. However, if the co-borrower has a lot of debts, it will also increase your DTI ratio which can affect your chances of qualifying for the loan.

Guest

we have a mobile home that is vacent and has been foreclosed on. the lender has given us the option of right of redemption. the park the home is in wants to buy the home. would exercising the right of redemption be better on our credit rating than foreclosure? or is it too late? :

smithsussane · Posted: Tue May 25, 2010 12:16 am Post subject:

Hi ronneff!

Welcome to forums!

If you exercise your right of redemption and buy the property back from the lender, then your property won't be foreclosed. It will have a positive affect on your credit.

Feel free to ask if you've further queries.

Sussane

Guest

Is it legal to rent a home that is in foreclosure and not pay the lender?

adonis · Posted: Sun Dec 05, 2010 11:12 pm Post subject:

Hi Linzi,

Your property will be in foreclosure if you do not pay off the dues to the lender. If there is a tenant in your property, then the lender will ask the tenant to pay the rent to him and not to you.

Guest

my rental property went into foreclosure in aug. 2010 it was actioned off in 2/2010 we had a second that was sold to another company before the foreclosure we never refi so it was original money. The company that holds the seconds has been calling us non stop, can they come after us for that money. we live in California

adonis · Posted: Tue Feb 22, 2011 12:56 am Post subject:

Welcome Guest,

If your second mortgage was purchase mortgage, then the lender won't be able to come after you for the mortgage payments.

Guest

Plantiff placed a lien on my home. If they win, can they take my primary residence(my home)

adonis · Posted: Mon Feb 28, 2011 12:41 am Post subject:

Hi Guest,

The plaintiff can ask you to sell off the property so that he can recover his dues from you.

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