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How foreclosure affects your credit score

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?

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

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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?

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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

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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

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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?

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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

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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

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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.

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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

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

I recently closed on a home a week ago, and day one had multiple problems with water leakage in the walls, floors, and garage. No information of the such was disclosed by the seller or inspector.

I refuse to stay in a home that could be a potentially mold infected as a result of the leakage.

What if allow the home to be foreclosed? How does that affect my credit and for how long?

Thanks,
Frustrated in TX

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

Hi,

Foreclosure does have a very bad affect on the credit, you should not think of foreclosure as an option for the difficulties you are facing.

A foreclosure will stay on your report for as long as seven years. Instead you can ask for reason from the inspection agency as to why these defects were not stated to you.

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

Hi Guest,

I can understand your frustration. It's really disgusting to close on a home spending a lot from your pocket ad then finding that it's not worth staying. Well, you can obviously contact the home inspector and ask for an explanation. But this is not going to solve your problem. Neither going for a foreclosure is desirable. This is because a foreclosure does affect your score negatively and reduces your chances of getting credit in future.

Thanks,

Sara.

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

I am somewhat in the same situation as Sara. I have tenants who are late every month. I recently lost my job. Also, there is water likage in the basement. I had the surroundings of the building concreted. One side stop leaking and i still have to work on another side. I have no money to keep up the mortgage. The house may go into foreclosure. Is there anyway i can give the house away to someone as i don't want a forelosure on my credit.
Please Help!!!
Thank you :cry:

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

Hi Aka,

I can only think of two ways to help you get out of this situation. Firstly, you can try to find out someone to whom you can transfer the property through quit claim deed. This will however not relieve you from the mortgage debt. So, you need to transfer the loan in the grantee's (to whom you transfer the home) name if at all you wish to get rid of it. For this, you will have to get the approval of your lender.

Secondly, if you can find a buyer who is willing to assume your loan and take responsibility of the payments, then you can avoid foreclosure. But this is possible only if your loan is an assumable mortgage. You need to check out the loan documents for any such provision or you can consult the lender.

Whether you transfer your property through quit claim or sell it to some other person, you need to do some kind of repair work in your home in order to improve it's condition.

Hope this information will help you.

God bless you

Samantha.

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

Thank you Samantha for that information. Do you have any reccommendation of any ligitimate companies that will buy homes in any condition. Also, have you ever know anyone who let someone buy their home from those ads and or build boards you see around.

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

Hi Aka,

Currently I am not familar with any such company. But you can post in our forums, the minimum information about your property as our Community member. May be any of our members can come up with the information you require.

God bless you.

Samantha

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

can I quit claim the title to my brother who has excellent credit so he can refinance the house before it gets into foreclosure?

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

You can quit claim the house but the loan will still be in your name. So, how can your brother refinance the house. Is his name on the loan? If yes, then refinance can be done and at closing, the loan documents will be signed only in your brother's name.

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

Hi Jmlage,

Welcome to the forum.

I guess that your home will be into foreclosure and in order to avoid it, you have thought of transferring your property to your brother. But he can refinance provided his name is on the loan along with you.

Refinance is the process by which a borrower can pay off the current loan with a new loan equal to the loan balance or even higher than that. So, if your brother isn't the primary borrower, then he cannot refinance the loan.

If you wish to [url=http://www.mortgagefit.com/foreclosure/17ways-avoid.html]avoid foreclosure[/url], you can try out other alternatives explained in the section, How to Avoid foreclosure .

If you have any related query, let me know.

Hope things turn out well for you.

God bless you.

Samantha

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

i have had a quick claim done and filed, but exwife has filed bankrupcy and is moving out of the house, leaving me with loan to pay, what options do i have

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

Welcome Grace,

It seems that you have already transferred your property in your ex-wife's name. But are you on the loan also?

What type of bankruptcy has your ex-wife filed. Please explain your situation so that I can give you some suggestions.

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

I went through a divorce and my ex husband and i quitclaimed the house to my inlaws with an agreement that they will refinance in 3 months. They said they just wanted to help but our plan was to sell the house.It's been over a year and they still have not refinanced and I'm worried because it is affecting my credit score. The loan is still under my name and my ex husband's name. My ex in laws are not returning my phone calls. I'm worried it might get to foreclosure. I was out of the house since September 2005 and they have been paying the mortgage eversince however, there are times that they are late. What can I do? Should I file a case against them? It was just a verbal agreement that they assured me they will refinance in 3 months and they didn't do it. Please let me know what steps I could take to resolve this.

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

Hi Marianne,

Welcome to Mortgagefit discussion board.

The mistake you did was not to document the agreement you had. You need to tell them that they will lose the house if the payments are not made in time and the lender forecloses.

I do not know how helpful filing a case would be as you have no written proof that in-laws did agree to refinance the mortgage. But still you can consult an attorney to know if something can be possible or not.

Do let me know if you have any other questions.

Thanks
Blue

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

In laws own the house now and they stop the payments chances are that they lose the house. Plus your credit score will go down. To save your credit you can ask them to sell the house pay off the mortgage balance and keep any balance profit.

I cannot see any other solution to the problem you are in.

Moberg

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Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Marianne,

Welcome to our forums.

Frankly speaking, you did a mistake by not making a written agreement regarding the refinance. But we all learn from mistakes, so do not worry. Have patience and be positive. Things will turn out well once you can find a way out of this problem. Now, of the loan is still in your name, then the lender would definitely ask for the payments. But your ex-husband's name is also on the loan, so it is partly his responsibility to make payments.

What I feel is that, you should first approach the lender and tell him all that is happening to you. Talk to him freely and tell him that the co-borrower isn't responding. The lender has the right to demand payments from your husband and even take over the property in case the loan is not repaid I full. But is your ex-husband still not aware of what your in-laws are doing or is he involved in this?

I don't think you will get much by filing a lawsuit. This is because you have no written evidence of the fact that your in-laws would refinance. However, consulting an attorney would be the right step taken at this point of time.

Good luck

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

I brought my house before I got married, I've been married 12yrs and getting ready to file for divorce. I live in the state of NY. If I guick deed my house to someone, will he be intitled to have my house, His name isn't on the deed or mortage?

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

Hi Ann,

Welcome to the forums.

His name may not be on the deed now. But when you quitclaim your property to the person, it implies that he's getting ownership rights over your share of interest in the property. And the quitclaim has nothing to do with the mortgage, if any.

Take Care

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colin's picture
colin | Joined: June 30, 2006 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

[quote:0c71c9adfa]will he be intitled to have my house, His name isn't on the deed or mortage?[/quote:0c71c9adfa]

Hi Ann,

As you had purchased the house before your marriage and his name was not on the title or mortgage, he will not be entitled to get anything. You can quit claim it to anyone you wish to. Property is your sole property and he does not have any rights over it.

Colin

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

i bought a house with an interest only loan and the market hit a wall, now my house dropped from 350,000 to 300,000 and i can't even keep up with the payments. If i foreclose will the loaner be able to ruin my life such as take my business that i own. and also will i ever be able to buy a house again and have bank accounts

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miller_st's picture
miller_st | Joined: January 17, 2007 04:47 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Alex,

There are many options open & you should not think about foreclosure right now.

How much balance left on the mortgage? Did you search the possibility of refinancing your present mortgage? Any equity in the house?

And selling the house right now can be one alternative present for you.

Miller

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

Hi Alex,

Welcome to Mortgagefit discussion board.

If it is becoming hard for you to continue the payments then talk with your lender about any forbearance plan under which your payments can be stopped for few months to help you recover from financial problems you are facing and then continue the payments.

Another way your mortgage can be saved from going into foreclosure is to set up a repayment plan in which your loan term can be extended so that you can afford the payments.

These are known as [url=http://www.mortgagefit.com/loss-mitigation.html]loss mitigation[/url] plans which are used to save borrower from having to face foreclosure. If these plans do not work then you may have to give up the house using a [url=http://www.mortgagefit.com/deed-lieu.html]deed in lieu of foreclosure[/url] where the lender accepts the house in return to whatever balance is left on the mortgage.

A deed in lieu if accepted would be better than foreclosure as then lender would not be going for deficiency judgment. While in foreclosure lender can get a deficiency judgment against the borrower and place a lien on his other assets for recovery of his balance dues.

Foreclosure as well as deed in lieu of foreclosure will have bad impact on your credit and you will face difficulty in availing debt in future. So these two choices are to be explored at the last when other plans don't work.

If you are still current on the loan then try to find out if the loan can be refinanced or not and how much equity (if any) is there in your house. It will be useful in determining if refinance would be possible or not.

Do let me know if you have any other questions.

Thanks
Blue

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello Alex,

There are times when everything is not bright and things do not shape the way we want or wish to. But, under such situations, the best thing to do is to wait patiently and hope for the things to turn up positively. I am sure that you will be able to buy a house again and have bank accounts.

If you have kept your house as collateral, then the lender would not be able to take the business that you own. If you foreclose, then it would have a bad effect on your credit score which would be for about 10 years. Also the lender may sue you for a deficiency judgment against you. But, if you wish to [url=http://www.mortgagefit.com/foreclosure/17ways-avoid.html]avoid foreclosure[/url], you can go for Loss Mitigation. It is a process where you avoid the foreclosure with the help of the lender.

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

hello, my situation is slightly different and very confusing. I am a joint applicant on a home with my mother who has been consistantly delinquent on payments. I have a family of my own and live in a totally different state as her and can not afford to pay for her mortgage as well as a home for my family. i was wondering how foreclosure affects your credit and all the details on it, since working out any kind of payment plan or sale on the home with her hasn't proved useful (she declines all suggestions) I just wanted to know if the lender forecloses the home, then do I have to eventually pay back the remaining debt on the house in the future? How long does foreclosure stay on my credit? Most websites are only telling me how to avoid forclosure, rather than providing me the repurcussions of it.

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miller_st's picture
miller_st | Joined: January 17, 2007 04:47 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Tris,

As you are a co-borrower your credit will also be affected along with her.

[quote:fb5db86a2e]since working out any kind of payment plan or sale on the home with her hasn't proved useful (she declines all suggestions)[/quote:fb5db86a2e]

You should try and explain to her that her credit will get affected if lender selects to foreclosure. And will face problems in getting new loans. I

[quote:fb5db86a2e] I just wanted to know if the lender forecloses the home, then do I have to eventually pay back the remaining debt on the house in the future? [/quote:fb5db86a2e]

It depends on your state laws. In some states deficiency judgment is allowed while in some it is not. If you are in a state which allows for deficiency judgments then lender can place a lien on your other property for recovery of his remaining debt.

Miller

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

"How long does foreclosure stay on my credit? Most websites are only telling me how to avoid forclosure, rather than providing me the repurcussions of it."

Foreclosure will remain on your report for 7 years.

Foreclosure will not be good to have on your report. Make concerned effort so that foreclosure can be avoided. Why is she not listening to any kind of suggestions from you? It is likely that she is not aware of the negatives affects of foreclosure, I think proper explanation will do the trick.

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

My taxed increased by $3,000.00within two years of my home purchase, it is presently $12,000.00+. Between taxes, mortgage and car insurance I can barely make payments. I am ready to run...
What are my options???

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

along with hike in taxes, many properties in my area are up for sale and my house was appraised for less than my loan amount...

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larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

Don't get so much frustrated as everybody have to face some difficult situation in the course of their life. Even if your home appraised value has become less than your outstanding loan balance, you can try to sell it out and cover the payments. If required, you can take the fund from your other personal savings.

But I think in your situation, it will be better if you consult with a tax professional so that he can help you reduce the taxes.

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miller_st's picture
miller_st | Joined: January 17, 2007 04:47 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

[quote:84081fcbbd]My taxed increased by $3,000.00within two years of my home purchase, it is presently $12,000.00+. Between taxes, mortgage and car insurance I can barely make payments. I am ready to run...
What are my options???[/quote:84081fcbbd]

You should look at cutting on some expenses to save money for the payments.

How much is the difference between the current house price and balance on mortgage? If it is not too big then sell the house and pay for the deficit from personal savings.

Miller

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

i am in partnership with an idiot i am able to make my share of mortgage payment but my partner is broke how will my credit effected if we go for an foreclosure this is a llc also how would i keep track of his payments

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

Hi Casey,

Your credit will be affected as you are also on the loan. And I would also say that it is always better to avoid foreclosure if possible. You need to look at other option available for you instead of foreclosure.

You need to know if your partner is in a position to pay his share of the mortgage or not. If he cannot continue the payments and it becomes difficult for you to continue the loan on your own then you will have to look into alternatives before the loan is in default.

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

[quote:6e0b38b85e]how would i keep track of his payments[/quote:6e0b38b85e]

You can make an agreement with your partner that you will be making the mortgage payments & he should give his share of the payments over to you. And then you will pay the mortgage company.

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larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Casey,

Foreclosure will certainly have a negative impact on your credit as you are also on the mortgage. It is better to avoid foreclosure and in this situation, if you alone can afford to make the payments, then you should [url=http://www.mortgagefit.com/refinance.html]refinance[/url] by taking a new loan in your name solely. But before refinancing, you must check out if there is any prepayment penalty or not. In case if there is the penalty, you may have to incur some costs.

If you wish, you may also sell the house to cover the payments. And if your partner does not agree to sell, you may file a partition lawsuit in the court.

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

MY HUSBAND AND I ARE ABOUT TO FORCLOSE ON OUR HOUSE IM ON THE TITLE BUT NOT THE LOAN WILL THIS HURT MY CREDIT SEEMS HOW WE ARE MARRIED

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

This is a great site and I have gotten some helpful insight. Thanks. I just wanted to get clarification about this: I bought a property at a foreclosure sale last month and recently recorded the title deed. The title company gave me bad info and there is a 1st loan on the property- a hefy one that is not just in default but going to sale next week. I recently found out about it via a notice of sale that I received in the mail.... should I let it go to sale, will my credit be affected? I am on title but it is NOT my loan. I don't care about losing the property, just damaging my 750 credit score.

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

Julie,

Since you are not on the loan, therefore the foreclosure won't affect your credit.

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

Welcome Ejk.

I think you should have a talk with the seller, the lender who was present in the sale and the one who will be foreclosing the property on account of the first lien. As it is, you won't be able to avoid the forthcoming sale. But this seems to be a kind of fraud. Didn't the seller or the lender inform you about the first lien? Then you could have avoided the purchase of such a property.

The best thing that you can do at the moment is to contact the lender who's going to foreclose the property. You are not responsible to pay off the loan but suppose if the lender asks you for the deficiency amount in case, he doesn't get the sale price as much as it isenough to cover the loan balance, then what do you do. So, it's best to consult him right now. Ideally the sale shouldn't affect your credit but you will lose the home definitely.

Thanks.

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

i bought my house in 2005, not understanding what jumbo loan is. it has now been two years, and my mortgage rate has increased under this jumbo loan with adjustable rates. after 6 months it increased again. on jan 2008 my new rate will kick in and i no longer can afford the pay. i have never been late with my payments, i have never skipped a payment. I tried to refinanced but i have been turned down 4 times bec. my property does not have equity, and on top of that it is appraised below market price. now i am thinking of applying for a DIL. are there any fees involved? how long can i stay in my property while the process has not been finalized? i hate to lose my house but i'd rather give it up before i am literally kicked out. pls help with answers. thanks, girlie

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello Girlie,

If you are unable to make payments due to the reset of an adjustable rate mortgage, you may try for a refinance with an FHA Secure loan. I think you may talk to your lender about this option.

You may do a deed in lieu if your lender agrees to accept that but you will lose your home.

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larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi girlie,

Welcome to this forum.

I would suggest you to talk with your lender ASAP. See if he can provide some options. If no options are available you should ask him for [url=http://www.mortgagefit.com/deed-lieu.html]deed in lieu of foreclosure[/url] rather than foreclosure. DIL will hurt your credit less. Law varies from state to state.

But you may stay almost 130 days even after DIL procedure.

Thanks,
Larry

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