In theory, anyone can be listed on the title to a home. That is a totally separate issue from the lender reporting the payment history to the credit bureaus. I am a mortgage broker and based on your question, I have no idea how your credit score vould be improved WITHOUT you being on the loan. Why are you not on the mortgage but on the title? That gives you a lot of power over that home without any liability.
If they are not listed on the mortgage, then they have no legal obligation to pay the debt. If payments are not made it is only your credit that will be damaged.
only like 5 months -andrea It must depend on the type of credit report. My 2007 CSC Mortgage Services report has credit card accounts on it that I closed in 1997. No late payments, no negative marks. Just listed there as a closed account. -Lee
Since he is not listed as a borrower on the first mortgage his credit is not affected by paying or not paying that mortgage. Even if both loans are with the same company, he is only held responsible for the loan in which he signed.
This depends on what you mean by mortgage insurance. If you are talking about products like PMI (Premium Mortgage Insurance) look on your escrow billing and it will be listed. If you are talking about a life insurance policy that would be either through credit life with your mortgage company or separately through an insurance company.
Your credit score can be decreased by having collection accounts listed, a judgment, late payments or if you have too much available credit. If you have that much credit, you would want to contact the credit issuer to lower your credit limit. Your debt should never be more than 35% of the available credit. Timely, consistent payments to your creditors and low credit limits will help increase your credit score.
If they are not listed on the mortgage, then they have no legal obligation to pay the debt. If payments are not made it is only your credit that will be damaged.
Refinance the mortgage with you listed as a borrower. You will not be reported to the credit bureaus by being listed on the deed since you have no obligation to pay the debt.
only like 5 months -andrea It must depend on the type of credit report. My 2007 CSC Mortgage Services report has credit card accounts on it that I closed in 1997. No late payments, no negative marks. Just listed there as a closed account. -Lee
Since he is not listed as a borrower on the first mortgage his credit is not affected by paying or not paying that mortgage. Even if both loans are with the same company, he is only held responsible for the loan in which he signed.
This depends on what you mean by mortgage insurance. If you are talking about products like PMI (Premium Mortgage Insurance) look on your escrow billing and it will be listed. If you are talking about a life insurance policy that would be either through credit life with your mortgage company or separately through an insurance company.
Your credit score can be decreased by having collection accounts listed, a judgment, late payments or if you have too much available credit. If you have that much credit, you would want to contact the credit issuer to lower your credit limit. Your debt should never be more than 35% of the available credit. Timely, consistent payments to your creditors and low credit limits will help increase your credit score.
You will need to check with your individual state laws. Generally, if you were only added to title via "QUIT CLAIM" they can not come after you for the mortgage liability. If you are not on the mortgage, you are not on the loan. However the property will still be gone. Unfortunately there is more to it that just having your name on the mortgage. I am personally aware of a couple who list the husband (because he had better credit history/score) as the sole holder of the mortgage, however when the payments fell behind and the mortgage went into default the bank came after BOTH the husband and the wife and attached the debt to her although her name was NOT on the mortgage. The stated reason was that legally she was obligated for the debt because she occupied the property with him and it was listed as their primary residence. This may not be legal, however when they went to an attorney, he suggested that the best he could do was to request that the mortgage company remove her name as a "courtesy" and there would be no guarantee of this. Do not be surprised if you are attached to the mortgage and are negatively effected (i.e. credit history/score) although you were not on the loan, especially it is your primary residence. Even if you fight to be removed (this will require intervention from a lawyer) and are successful however the damage had already been done and her credit had been effected.
Yes, your payment history will still be a part of your credit report as well as the Chapter 7.
Your credit score is affected based totally on late payments or even applying for business loan. In case you have made more than one applicationsfor credit or you've any defaults listed, it may be difficult for you to get credit.
If two people are co-owners of real property and then only one signs a note and mortgage, the lender can only foreclose on that one's interest in the property. A foreclosure would only be reported on that person't credit record.If your name was added to the property after the mortgage was granted by the owner you are not responsible for it as long as you didn't sign the mortgage or the note. The foreclosure would only be reported on the mortgagor's credit record.
The best way to buy a house with bad credit is to pay off any collections listed on your credit. Make sure you make all payments regularly for an extended period of time. Try to get prequalified before looking.
Mine never have been. I've needed to list all of my credit cards and balances when applying for the mortgage, but these aren't usually in the closing documents.