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If you were quit claimed on to a property and are not on the loan. If the property get foreclosed on will this effect your credit? Will a forecoseure show up on your credit report? And how do you find out if the other person on the title who does carry the loan has missed payments and may be near a default?

banker0679's picture
banker0679 | Joined: November 15, 2007 10:05 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

regrett - that depends on your HOA. HOA's are quick to act on Foreclosures...unlike banks that may take 1-2yrs

Like | Dislike | Share | Posted: Sun, 03/14/2010 - 20:29 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My fiance's home was in the forcloser process because his ex-wife was ordered to pay the mortgage and insurance while she resided there. He then purchased it out of the forcloser. Will the fact that it originally went into forcloser affect his credit

Like | Dislike | Share | Posted: Mon, 12/14/2009 - 07:59 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Welcome to MortgageFit Forums.

Don't get worried. As your name is not on the loan so, your credit won't have any negative effect because of the foreclosure.

Foreclosure will be reported in the account of the person whose name is on loan or who has signed the note. Thus, only the credit of your ex-father will be affected by this.

Feel free to ask if you have any more doubts.

God bless you.

For MortgageFit,
Samantha

Like | Dislike | Share | Posted: Fri, 06/16/2006 - 18:37 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello all-

Question: My name is the only one on the note. However, my name and my mother's name are on the deed? I am trying to short sale, and if not successful, I plan on doing a deed in lieu. I already know I will get a credit hit, but will my mother's credit get affected even though she is not on the mortgage note?

Like | Dislike | Share | Posted: Mon, 12/28/2009 - 09:07 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, my question is: If I have had a foreclosure and the house has since been sold to another couple, If I was put on another morgage loan title (with my new spouse), can the old (foreclosure) company legally put a lien on or come after me for the foreclosure amount on the previous house?

Like | Dislike | Share | Posted: Sat, 01/09/2010 - 10:09 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My dad signed for my home as borrower and I am coborrower but I made all payments until I was recently laid off and my mother got sick and I took care of her until her passing. Now I am faced with having to save my home but I can't seem to get any assistance from anyone because he is the borrower of record. Can I do a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] to get the home in my name so that I may qualify for assistance from local agencies?

Like | Dislike | Share | Posted: Thu, 10/01/2009 - 19:57 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can my credit be damaged if im not on the loan but on the deed once its paid in full. my ex father in law is on the loan and he is letting it go into foreclosure. the loan is in his name.

Like | Dislike | Share | Posted: Fri, 06/16/2006 - 18:12 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

As your father is the co-borrower of the mortgage, his credit report will be affected similarly as yours. Your father's credit score will go down by 250 points after the foreclosure. Moreover, he will not be able to qualify for a mortgage in the next 3-4 years. As a negative item, the foreclosure will remain on his credit report for 7 years.

Like | Dislike | Share | Posted: Wed, 12/23/2009 - 22:41 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I know with a quick sale you have to pay taxes on the amount that is left that the new buyer did not pay. Do you have to pay anything if your property goes through foreclosure??

Like | Dislike | Share | Posted: Thu, 03/04/2010 - 15:11 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest!

Welcome to forums!

Quitclaiming the property in your name won't help you in getting any assistance as you would still be listed as a co-borrower of the property. You can ask your dad to apply for a loan modification with the lender. If the lender accepts his request, then, may be, you would receive a low interest rate to make your monthly payments.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 10/01/2009 - 22:46 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have two properties on my credit report and my credit score is 785. I have not missed a payment on any of my accounts in nine years.. If I foreclosed on one of the properties, will I still take the 250pt hit or will it be less of an affect on my credit score since I have another mortgage...I only have $8000 in total debt that will be paid off by June 2010....

Like | Dislike | Share | Posted: Tue, 12/01/2009 - 15:39 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi ngoo,

If the mortgage is in your name, then your credit score would get lowered by 250 points and you would be responsible for paying off the deficient amount to the lender. The foreclosure would remain on your credit report for the next 7 years. Moreover, you won't be able to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url] in the next 3-4 years.

Thanks

Like | Dislike | Share | Posted: Thu, 11/12/2009 - 21:15 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband who is physician , just a stroke,affecting speech, not able to work, we are not able to pay on mortgage, planning to through foreclosure,does it affecting any personal assest,and also does matter if property is in trust.
thank
mu

Like | Dislike | Share | Posted: Sun, 01/10/2010 - 07:28 | Post subject:

Kasper_5277's picture
Kasper_5277 | Joined: November 14, 2009 05:39 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

very helpful information thanks sara

Like | Dislike | Share | Posted: Thu, 12/03/2009 - 07:50 | Post subject:

sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

As your wife's name is not on the mortgage docs, her credit report will not be affected due to the foreclosure of the property. Your credit score would, however, get reduced by 250 points.

Take care

Like | Dislike | Share | Posted: Wed, 11/11/2009 - 00:51 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi there, we received the act 91 notice, met with the counsellor. while we are waitingto see whether they approve us or not we continue to gethounded by creditors...while i am in this 'waiting' stage, do i have to worry about paying them? thank u!!!

Like | Dislike | Share | Posted: Tue, 01/26/2010 - 13:01 | Post subject:

helping_user's picture
helping_user | Joined: March 31, 2006 03:39 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Ksndi,

I agree with Blue. That you need to keeps regular contact with the lender to know the payment status.

I think you have only done quit claim yourself from the mortgage. That means, still now you are liable for any default payment as you are in the title of the property. In that case, if the payment gets default you and the co-owners of the property will be informed by the lender simultaneously as notice sent by him.

When the borrower failed to make payment for a month, then the lenders take an initial action after getting failed to settle the issue out of the court. The lender mailed "[b:602f692c12]Notice of Default[/b:602f692c12]" to the borrower by registered mail so that he has the proof of delivery. To know more about the notice, go through the section "Notice of Default".

If the borrower still didn't make the payment, then the lender issue "[b:602f692c12]Act 91 Notice[/b:602f692c12]" to the borrower. Issuing the notice is a way of giving advice to the borrower for applies to HEMAP (Homeowners Emergency Mortgage Assistance Program) Loan. HEMAP is low interest loan program for low income individual to make their loan arrears.

But if the borrower becomes defaulter for consecutive 3 months, then he will receive a notice "[b:602f692c12]Act 6 Notice of Intention to Foreclosure[/b:602f692c12]" from the lender.

Thanks

Like | Dislike | Share | Posted: Thu, 05/25/2006 - 23:12 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Ms. Priss!

Welcome to forums!

In order to transfer the property back to your name, you will have re-record all the deeds and required documents. I don't think you've any other way to get the property transferred in your name.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Mon, 09/07/2009 - 00:26 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If I marry someone who has a foreclosure on their credit, will my credit be affected?

Like | Dislike | Share | Posted: Mon, 11/02/2009 - 16:27 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

I believe the only way you can follow is to keep a contact with the lender so that you can a feedback about his delinquencies.

Blue

Like | Dislike | Share | Posted: Thu, 05/25/2006 - 16:20 | Post subject:

ksndi362636's picture
ksndi362636 | Joined: May 16, 2006 10:20 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

how can i find out if he is missing his payments?

Like | Dislike | Share | Posted: Thu, 05/25/2006 - 16:16 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My home is in foreclosure and I had a bankruptcy 7 years ago in which I did not reaffirm my mortgage in the bankruptcy. My mortgage does not show up on my credit report. My question is: Will the foreclosre show up on my credit report after foreclosure since my mortgage was not reaffirmed?

Like | Dislike | Share | Posted: Fri, 03/12/2010 - 06:46 | Post subject:

banker0679's picture
banker0679 | Joined: November 15, 2007 10:05 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

devia - possibly it can but if it hasn't showed up in 7yrs...then probably not

either way you will need to answer truthfully to the mortgage declarations which ask if you EVER had a FC ...even if it doesnt show up on your CR

Like | Dislike | Share | Posted: Fri, 03/12/2010 - 06:54 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I would like to take over someones mortgage loan, pay up what they are in default.Then get a quit claim to take over the property at a lower price. Can I do that?

Like | Dislike | Share | Posted: Sun, 01/10/2010 - 18:37 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My brother quit claimed his home to my niece befoe he died. She did not sign the quit claim deed and does not want the property. Is she still responsbile for property taxes? Note: there is a mortgage on the property, but my niece is not on the mortgage.

Like | Dislike | Share | Posted: Fri, 01/29/2010 - 21:19 | Post subject:

banker0679's picture
banker0679 | Joined: November 15, 2007 10:05 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

they drop off 7 years after the [b:e19eb17218]discharge date[/b:e19eb17218]. you can hire someone to try to clean up your credit report but you can also do this yourself.

Either way...in the declarations in the 1003 you have to answer truthfully which asks you if you EVER had a foreclosure

Like | Dislike | Share | Posted: Sun, 02/07/2010 - 10:52 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am current on my mortgage but will face an fha foreclosure because the property is not my primary residence. how does that affect my credit?

Like | Dislike | Share | Posted: Thu, 11/12/2009 - 17:43 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, ksndi

Yeah, [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] only transfer the interest not the loan. The loan still stays on the principal person. The loan doesn't gets transferred. All you will lose is the house but it won't affect your credit not it will show up in your credit report.

To learn more on quit claim deed, see http://www.mortgagefit.com/quitclaim-deed.html
Niicss

Like | Dislike | Share | Posted: Wed, 05/24/2006 - 07:50 | Post subject:

banker0679's picture
banker0679 | Joined: November 15, 2007 10:05 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You will need to speak to an attorney and/or title company.
If she's not on the deed or mortgage then she's not responsible.
Of course if the mortgage or taxes aren't paid, then the home will be foreclosed

Like | Dislike | Share | Posted: Fri, 01/29/2010 - 21:45 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Purchasing a new home. Credit around 659. Wondering if my foreclosure procedure will affect my purchase. FP were in late 04 early 05 sold house shortly after. Still on credit!! Will that hurt me? I've heard that they can not use that against you after 2 years. In Ky. Thanks!!

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My mistake ksndi, I got your 1st question wrong. If the loan is not on your name then You dont have to worry too much about that as he has to pay all the payments and if he is not paying it then only his credit will be affected not yours.

After foreclosure, you will only loose the house. It will wont affect your credit either.

I apolozise for my mistake.

Adonis

Like | Dislike | Share | Posted: Wed, 05/24/2006 - 07:44 | Post subject:

ksndi362636's picture
ksndi362636 | Joined: May 16, 2006 10:20 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Can I quit claim my self off it before it gets to the foreclosure. I was quit claimed on to a investment property by my ex, and I think he has been missing payments, he wont tell me, how can i find out?

Like | Dislike | Share | Posted: Wed, 05/24/2006 - 07:29 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes, it will affect your credit score. It will stay on your credit report for 10yrs and will always decrease your score. The older the foreclosure becomes with rebuilt credit history the less amount of impact it will play on your score.

Adonis

Like | Dislike | Share | Posted: Wed, 05/24/2006 - 07:24 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome sweetpea,

If your fiance's name was not on the mortgage when the property was foreclosed upon, then his credit would not be affected in any way. However, if his name was on the mortgage, then his credit can get lowered by 250 points.

Like | Dislike | Share | Posted: Mon, 12/14/2009 - 22:15 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

If your property goes into foreclosure, you would still be liable for the deficient balance resulting from the sale of the property. Moreover, a foreclosure would lower your credit score by 250 points and you won't be able to get a mortgage for the next 3-4 years.

Thanks

Like | Dislike | Share | Posted: Fri, 03/05/2010 - 00:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Divorce exwife stayed with the house she lost the home due to a forecloser, divorce decree stated she stayed with the house. Would this affect my credit score.

Like | Dislike | Share | Posted: Wed, 03/10/2010 - 13:48 | Post subject:

banker0679's picture
banker0679 | Joined: November 15, 2007 10:05 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If your name was on the credit account, then unfortunately the answer is yes.

This means if she didn't [url=http://www.mortgagefit.com/refinance.html]refinance[/url] your name OFF the mortgage then your credit will get affected as well

Like | Dislike | Share | Posted: Wed, 03/10/2010 - 14:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello Jessica,
I had a forcloser over 7 years ago / and NO I HAVE NEVER had a credit card or a loan sense. I am concerned that the forcloser and all the (for lack of a better word) crap / hasn't as of yet dropped from my credit reports ... Do they simply drop after 7 years? or do I have to GET THEM taken off?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi curious,

Your credit will not affected just because your spouse has a foreclosure in his/her credit report.

Like | Dislike | Share | Posted: Mon, 11/02/2009 - 22:26 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If filing a bankrupcy and the homestead is not included but gets forclosed shortly after anyways how will it be looked at, another big hit to credit and if in question should it be included in bankrupcy to atleast minimumize more damage to credit

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Toby,

If you let one of your properties go into foreclosure, it will effect your property in a negative way and reduce your credit score by 250 points. Moreover, as a negative item, it would remain on your credit report for the next 7 years. Also, you won't be able to qualify for a loan in the next 3-4 years. It will hardly matter whether or not you had a second loan.

Take care.

Like | Dislike | Share | Posted: Wed, 12/02/2009 - 02:04 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi stefanie,

I would suggest you to inform your creditors that you've applied for the HEMAP assistance. Once you get the assistance you can pay them off.

Hi tyson,

Your query has been answered in the given page:
http://www.mortgagefit.com/quitclaim/cost-llc.html

Take a look at it. Hope it helps you.

Thanks

Like | Dislike | Share | Posted: Tue, 01/26/2010 - 21:18 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

isnt it a law that one has to sign his or her signature to be put on a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] in CT?

Like | Dislike | Share | Posted: Tue, 02/23/2010 - 09:14 | Post subject:

sunnyca2009's picture
sunnyca2009 | Joined: August 4, 2009 07:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Annoymous

You said you are already a co-borrower on the laon and why you are havign difficulty in gettignt he loan modified

Are you saying your name is not on the property

Like | Dislike | Share | Posted: Fri, 10/02/2009 - 11:49 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i had a forclosure back in 2003 how long will stay in my credit. :roll:

Like | Dislike | Share | Posted: Fri, 10/23/2009 - 13:17 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi orli,

It's true that a foreclosure, like any other negative item, would remain on your credit report for 7 years. However, you would be able to get a loan after 3-4 years. You can apply for loans before that but the lender would charge a higher interest rate.

Thanks

Like | Dislike | Share | Posted: Fri, 10/23/2009 - 22:53 | Post subject:

sunnyca2009's picture
sunnyca2009 | Joined: August 4, 2009 07:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Probably 7 years

But you can go for loan probably after 3 years

Like | Dislike | Share | Posted: Fri, 10/23/2009 - 14:46 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

How do I use the QuitClaim deed toadd my daughter's name to the property? Which section of the form must I must? The form leads me to believe that I can do transfers only.

Like | Dislike | Share | Posted: Thu, 01/28/2010 - 09:52 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi blodie,

While you went through the previous foreclosure, the lender must have either forgiven the dues or it has been charged off to a collection agency. In that case, the lender will not be able to place a lien on your new property for it. However, as there's a foreclosure mentioned on your property deed, you should check out whether or not you would be able to include your name in the mortgage.

Hi Guest,

As far as I know, though the property is in a trust, the lender will be able to foreclose it. Though the lender forecloses the property, he will not come after your personal assets. However, you should try to [url=http://www.mortgagefit.com/foreclosure/17ways-avoid.html]avoid foreclosure[/url]. You may apply for a deed in lieu of foreclosure and get rid of the property.

Hi Jen,

You'll have to get the property transferred in your name first with the help of a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url]. Then you can pay off the delinquent amount and bring the mortgage current. Once the mortgage payments are current, you can then [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the loan in your name.

Like | Dislike | Share | Posted: Sun, 01/10/2010 - 23:34 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My fiance is going through the foreclosure process. I have two children and excellent credit. If we marry before the house is forclosed, will it hurt my credit in any way? We want to do what's best financially.

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