To get it off the report, you'd need to get the foreclosing lender to retract the information and it is highly unlikely the lender will voluntarily do that. If you would not have purchased the property except for a fraudulent or inaccurate appraisal, you may have grounds to rescind the purchase transaction, or sue to recover money or get other relief from the court depending on your state laws. You really do need to get advice from a real estate attorney in your local area. An attorney could review the facts to determine likely defendants of legal action, such as the lender, appraiser, real estate brokers and agents. Timing is also relevant whenever considering legal action, so talk to an attorney immediately. If too much time has gone by since the problem occurred, you might not be permitted to sue. If the purchase was rescinded, then sending a copy of the court order rescinding the transaction to the credit bureaus should be sufficient to get the foreclosure information deleted from the report. If not, a separate court order could compel them to remove it. My answer assumes that the appraisal amount is SIGNIFICANTLY inflated. If the appraisal figure was only slightly high, a court might conclude differently. If the appraisal was fabricated but the valuation was reasonable, the court might not invalidate the purchase. In other words, had a legitimate appraisal been done and the valuation amount would have come in at about the same number, the court may conclude that you would have proceeded with the transaction anyway. Well, good luck.
Normally it takes 7 years for a foreclosure to expunge from your credit report. However it that meantime, paying bills early, paying more then minimum on credit card bills. Just managing your money in general. Slowly over time it will improve.
The lender can go after you for any deficiencies and the foreclosure will be reported on your credit record. As a co-signer you are equally responsible for paying the mortgage.
The foreclosure will affect your credit record. You are fully responsible for paying the loan.
If you are paying cash, NO. If you are financing it with a bank loan, usually it will. Depends on how long ago the foreclosure occured and the individual policies of the bank you are trying to get a loan from.
Not until there is a foreclosure sale.
If your name was added to property after the property was mortgaged then you are not legally responsible for paying the mortgage and a foreclosure of the mortgage will not affect your credit. However, if the mortgage isn't paid the lender will take possession of the property by a foreclosure process.
Yes, if one got the loan after foreclosure proceedings began. When banks make credit decisions, they want to consider as much up-to-date information as possible. If a foreclosure is coming up but is not on the credit report, the bank may grant the loan. Once the foreclosure shows up on the report, the bank will conduct due diligence and see if they would have granted the loan knowing about the foreclosure. Most banks would not and will call the loan, making you responsible for paying immediately.
If homeowners owe money on their HELOC (Home Equity Line of Credit), and are not paying the loan back, they can be sued for foreclosure. The HELOC is secured by the real estate, and the mortgage company has a lien on the home. When the borrowers signed for the line of credit, they agreed that the bank could foreclose on their house if they fell behind on the payments.
Yes.
foreclosure is when a business is shut down because they are not selling their products or they are doing paying the bills.
By paying your mortgage payments on time.
All three owners are equally responsible for paying the mortgage and the foreclosure will affect all owners equally. You can avoid foreclosure by paying the mortgage.