yes, only if the second mortgage does not get paid.
Is the questioner asking about having a 2nd mortgage on his house, which WOULD show up on his credit records? Or are we talking about the 2nd mortgage holder filing a lien against his property for non-payment? Actually the answer to both is the same. Any actions taken involving credit transactions WILL show up on a credit bureau reportsand will affect his credit standing.
If they have good credit and the ability to repay. Most people who own multiple homes have multiple mortgages.
It depends, if you are buying a house in cash, it won't of course. Else, it would quite affect as it would be part of the assessment on your credit and liabilities that the mortgage company will do.
It will affect her credit if she executed the mortgage along with her husband. If her name is not on the mortgage or the property then it will not affect her credit. She should consult with an attorney who can review the situation and determine what her options are. Perhaps the bank would accept a deed from the heirs in lieu of foreclosure.
It would not affect your credit at all because you are merely the tenant and are renting the property. Since you do not own it, and the owner is the person that has the lien filed against them, it will not affect you or your credit.
==Answer == Not in any way. Your credit rating is only determined by how YOU handle your credit on anything that is in your name.
There are many factors that can play into your house mortgage rate such as age and credit history as well as the size of your loan. On average, a mortgage will run you about 3% to 4.5%
A bad credit mortgage is sometimes called a sub prime mortgage. It is for people with low credit rating who wish to purchase a house. Due to the risk of lending to such people, the rate will be slightly higher.
Technically speaking, your home has nothing to do with your credit. A loan taken out with the home as collateral does. Therefore the foreclosure of such collateral by the county for unpaid property taxes will not affect your credit. It is very rare that any lender would allow the county to take a home they have a loan on (they will usually pay the taxes) so I assume you owned the home without a traditional mortgage. What will affect your credit are things like: Tax liens Late payments to a mortgage company Default on any mortgage debt
the second mortgage is based on the house as collateral. If the house is gone, the bill is due. It is not an unsecured line of credit. When the house goes the 2nd has to be paid in full or it will count against you. The only way around this is to get another line of credit/cash somewhere and pay it in full.
y7gt7y
Nope. The lender (mortgage company) is the entity that reports information to the credit agencies, so if your name is not on the loan documents the home will not affect your credit. Being on the deed gives you rights to the property but is not a credit trade line.