Posted on: 20th Jan, 2009 11:51 am
If I am on the mortgage but not the promissory note, will my credit be affected if we foreclose?...Can they come after my personal assets?
Hi caryxo!
Welcome to forums!
If your name is on the mortgage doc, then a foreclosure will badly affect your credit. A foreclosure will reduce your credit score by 250 points. However, as far as I know the lender will not come after your personal assets.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
If your name is on the mortgage doc, then a foreclosure will badly affect your credit. A foreclosure will reduce your credit score by 250 points. However, as far as I know the lender will not come after your personal assets.
Feel free to ask if you have further queries.
Sussane