Compare Mortgage Quotes

jrflitton · Joined: 25 Mar 2009 Posts: 1 1.38 Dollars($)

Will my daughter have the pay the deficit on the foreclosure after the sale of the Michigan home?...She cannot get a definite answer from the lender or the court as to the date of the sale, nor what will happen after that. The loan is in her husbands name only but she is on the deed. Will this foreclosure affect just his credit or can it go on her credit score as well? They live in Michigan. I am aware of the :deed in lieu of foreclosure." How does she know if she will be responsible for the remainder of the loan balance after the sale if the home is sole for less that the payoff.

smithsussane · Posted: Wed Mar 25, 2009 7:32 pm Post subject:

Hi jrflitton!

Welcome to forums!

As your daughter's name is not on the mortgage, she will not be responsible for the deficient amount resulting from the foreclosure sale. Her credit will not be affected due to the foreclosure. However, her husband's credit will get lowered by 250 points. Moreover, he would be responsible to pay off the deficient amount, if any, resulting from the sale.

Feel free to ask if you have further queries.

Sussane

Guest

I have all but pleaded with my mortgage company and they tell me they cant give me a lower interest rate from 12.89% because my credit is not good enough, even though we have made the payments on our doublewide on one acre for 11yrs. To me this seems ridiculous as obviously we should get some credit for making those payments for all that time. What can we do we are desperate and have lived on this property for 26 years and raised our 6 children here , this is our homestead. I need to know how I can get the mortgage company to work for me not against me. thanks

jenkin7 · Posted: Wed Apr 08, 2009 3:17 am Post subject:

Hi justme,

What is your credit score like? Have you pulled out your recent credit report? In the report, try and find out whether your lender have been reporting your timely payments properly to the credit bureaus. Also, list all the negative items on the report and try to remove mistakes, erroneous entries, if any, from there. You should also send a hardship letter to them stating the financial difficulty you are facing at present and how a reduction in the interest rate would help you be current on your payments in the days to come.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1