Posted on: 05th Mar, 2010 05:17 pm
i have two properties. one rental and primary. the primary is behind. if i let the primary go, how long will this affect my credit? when can i refinance my rental for a better interest rate?
Hi mdd!
Welcome to forums!
If your primary property is foreclosed upon by the lender, then it would lower your credit score by 250 points and you would not be able to get a mortgage in the next 3-4 years. As far as your rental property is concerned, you can refinance it now if you are current on the payments and if you've equity in it.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your primary property is foreclosed upon by the lender, then it would lower your credit score by 250 points and you would not be able to get a mortgage in the next 3-4 years. As far as your rental property is concerned, you can refinance it now if you are current on the payments and if you've equity in it.
Feel free to ask if you've further queries.
Sussane