Posted on: 01st Nov, 2008 04:32 pm
Hello, we are going through a short sale and the 2nd mortgage company, Regions, has said they won't forgive our debt even though I am disabled and unable to work. How long can they hold this lien against us and will it keep us from buying another house at some point in the future?
Hi northportmiller!
Welcome to forums!
Liens will definitely affect your credit score and credit report. As far as I know liens will remain in your credit report until you pay it. As your credit report will have a negative mark, not all lenders will agree to give you a mortgage and if they give, they will charge high interest rates.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Liens will definitely affect your credit score and credit report. As far as I know liens will remain in your credit report until you pay it. As your credit report will have a negative mark, not all lenders will agree to give you a mortgage and if they give, they will charge high interest rates.
Feel free to ask if you have further queries.
Sussane
Thanks