Posted on: 10th Dec, 2007 08:01 am
hello, i am a partner on a house that is about to forclose. I am the only one who is only on the title and not the mortgage. If we forclose, do i run any risk of loosing credit? I would like to buy my own house soon but i want to know if this will be affected by the forclsure.
let me get this straight...you own the house but have no obligation to pay?
i guess what this means, in essence, is that you have no desire to retain the property.
since you are an owner of this property, you must have been mentioned in the foreclosure suit...right? this will become a matter of public record, so i surmise that it will, indeed, affect your ability to obtain a mortgage in the near future. over time, the effect will lessen.
i guess what this means, in essence, is that you have no desire to retain the property.
since you are an owner of this property, you must have been mentioned in the foreclosure suit...right? this will become a matter of public record, so i surmise that it will, indeed, affect your ability to obtain a mortgage in the near future. over time, the effect will lessen.
Hi broke,
Welcome to this forum.
You have said that your name is on the title but not on the mortgage. So if the house is foreclosed, it will not affect your credit.
Now George M. Akerley , can you please tell me if the name is not on the mortgage, how can his credit be affected?
As far as I know credit can only be affected if his name is on the mortgage. It will be affected neither positively nor negatively. So don't mind but can you please explain this? It will be helpful for me to understand:).
Waiting for your reply,
Larry
Welcome to this forum.
You have said that your name is on the title but not on the mortgage. So if the house is foreclosed, it will not affect your credit.
Now George M. Akerley , can you please tell me if the name is not on the mortgage, how can his credit be affected?
As far as I know credit can only be affected if his name is on the mortgage. It will be affected neither positively nor negatively. So don't mind but can you please explain this? It will be helpful for me to understand:).
Waiting for your reply,
Larry
as soon as the legal action is taken, credit reporting agencies will be able to pick up the public record. anytime there is public record, such as foreclosure, an individual's credit will be adversely affected.
So george, you mean it doen't matter if he's on the title and not on the loan, and if there's a foreclosure on the home, then his credit will be affected?
if any of the credit reporting agencies pick up on the public record of the foreclosure (and they will), then that will appear on his credit file. consequently, that will undoubtedly affect his score.
any legal action taken against the property in question results in legal action against any and all owners of the property, regardless of the obligatory situation.
any legal action taken against the property in question results in legal action against any and all owners of the property, regardless of the obligatory situation.