Posted on: 19th Sep, 2010 06:02 pm
My daughter is applying for college next fall. We are in the process of foreclosing on two investment properties due to loss of employment. How will that affect our/her ability to apply for financial aid/student loans? We have always paid our creditors on time. Currently we have no outstanding revolving debt other than our mortgage accts.
Hi Guest,
If your daughter's name is not on the mortgage docs, the foreclosure won't affect her. She can apply for a student loan and attend her college the next fall. However, the foreclosure will affect your credit score and will lower it by 250 points.
Thanks
If your daughter's name is not on the mortgage docs, the foreclosure won't affect her. She can apply for a student loan and attend her college the next fall. However, the foreclosure will affect your credit score and will lower it by 250 points.
Thanks