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Guest
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 Posted: Mon Aug 17, 2009 12:18 pm Post subject: forclosure |
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I am on the title for my mothers home and she is having trouble paying the mortgage. What happens to my credit if she just walks away from the house and it is forclosed?
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 sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Mon Aug 17, 2009 5:12 pm Post subject: |
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| If your name is nto ont eh mortgage then it should not affect your credit report |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Mon Aug 17, 2009 7:23 pm Post subject: |
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Hi Guest,
I guess your name is only on the property deed and not on the mortgage. As your name is not on the mortgage docs, your credit will not get affected if the property is foreclosed upon by the lender. However, if you want to save the property, you can pay off the mortgage dues and bring the loan current.
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jheard
Moderator
Joined: 12 Dec 2007
Posts: 599
Location: Houston, TX
98.69 Dollars($)
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| Posted: Tue Aug 18, 2009 2:04 pm Post subject: |
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You are on the title so you will be named in the foreclosure lawsuit (if it is a judicial foreclosure). It will then appear on your credit history as a foreclosure judgment. Technically you were not on the mortgage, but try explaining that in your FICO score.
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Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation. |
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