Refinance

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Atlanta, a partition lawsuit is not treated as a foreclosure.

Lenders usually initiate a foreclosure when the homeowner defaults in paying off the mortgage. A foreclosure does affect your score as you are being unable to carry on the payments. But a partition lawsuit does not affect the credit score.

In your situation, the credit score will be adversely affected provided you don't pay off the loan with the proceeds of the sale initiated by the lawsuit.

You may refer to a previous discussion for a better idea on Partition Lawsuit and in case you have any other query, please feel free to ask.

jameshogg · Posted: Wed Apr 11, 2007 5:23 am Post subject: RE:

Great advice Sharlee!

I think Atlanta can consider giving a part of the cash-out to her ex so that he allows for the refinance. And, as far as her credit getting affected is concerned, it will not be so because partition lawsuit and foreclosure are different issues.

Thanks,
James.

Guest 0.10 Dollars($)

Everyone,

I have obtained so much valuable information! Thank you so much for your help.

colin · Posted: Wed Apr 11, 2007 10:46 am Post subject:

Welcome Atlanta, but please do let us know what finally gets decided about the house, do you file the lawsuit or are able to refinance in your name or any other way out is found.

Colin

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