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does a lender record a second mortgage from a commercial loan and put it on credit report

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donnafowler Joined: 15 Jul 2011 Posts: 1 1.29 Dollars($)	Posted: Fri Jul 15, 2011 11:54 am    Post subject: does a lender record a second mortgage from a commercial loa Like 0 Dislike 0 We are selling a commerical bldg for less than the balance owed. The balance is being added to a residential property owned by my relative in a second position. If we are slow in making the payment on this second is it reported on the relative's credit report?
Guest	Posted: Fri Jul 15, 2011 12:21 pm    Post subject: Like 0 Dislike 0 If they did not sign any promissory notes, then it would not be on their credit. If you are slow paying and default, the 2nd can foreclose and buy out the 1st mortgage.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Fri Jul 15, 2011 12:22 pm    Post subject: Like 0 Dislike 0 That's a question best asked of the lender in question. It appears, though, that they'll be granting a typical second mortgage to that borrower; hence, that'd typically be reported. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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