Posted on: 16th Jan, 2009 07:05 am
Thanks for answering past questions. The community has been very insightful. Another question I have is whether an 80/20 loan has more of a negative effect than a conventional loan because two different holders will be reporting to the credit agencies.
Hi wjallen,
I do not think that a 80/20 loan has a greater negative effect on your credit as compared to a conventional loan. If you are defaulting on a conventional loan, then the lender will report that too to the credit bureaus. The terms and conditions of both the loans may be different but the credit affects are more or less the similar.
Thanks
I do not think that a 80/20 loan has a greater negative effect on your credit as compared to a conventional loan. If you are defaulting on a conventional loan, then the lender will report that too to the credit bureaus. The terms and conditions of both the loans may be different but the credit affects are more or less the similar.
Thanks
The effects will be the same if they foreclose on ur property.