0
If you are a co-borrower on a mortgage and the other co-borrower has just filed bankruptcy will this affect your credit rating?
Wiki User
∙ 8y ago
Yes. I co-signed for an auto loan and the other borrower filed bankruptcy without notifying me. I was in the process of buying a home and before I went to settlement they pulled my credit again and her bankruptcy came up - preventing me from getting the house. So yes it will affect your credit because it will show up on your credit report that that person has filed for bankruptcy.
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
How do foreclosures affect your credit?
Same as a bankruptcy There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure.
What happens to a home mortgage if the co-signer does not file bankruptcy but has credit problems?
It will have no affect on the mortgage as long as the lending terms are met by the primary borrower.
If you are about to get married and you are filing Chapter 7 bankruptcy will this bankruptcy affect your spouse in any way after the marriage?
It will only affect the non-filing spouse if the couple apply for some type of joint credit, such as a home mortgage. It will not affect the new spouse's credit report/score.
Can you get a reverse mortgage if you file bankruptcy?
Yes, a reverse mortgage does not have any credit requirements, however if you are in bankruptcy or filing one you may need court approval to do the reverse mortgage.
Is there a bank where you will be able to qualify for a mortgage even though you have bad credit?
Chase will qualify you for a mortgage even if you have bad credit. You can even have filed for bankruptcy
How do foreclosures affect your credit?
Same as a bankruptcy There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure.
What happens to a home mortgage if the co-signer does not file bankruptcy but has credit problems?
It will have no affect on the mortgage as long as the lending terms are met by the primary borrower.
If you are about to get married and you are filing Chapter 7 bankruptcy will this bankruptcy affect your spouse in any way after the marriage?
It will only affect the non-filing spouse if the couple apply for some type of joint credit, such as a home mortgage. It will not affect the new spouse's credit report/score.
Can you get a reverse mortgage if you file bankruptcy?
Yes, a reverse mortgage does not have any credit requirements, however if you are in bankruptcy or filing one you may need court approval to do the reverse mortgage.
If your fiancee files a chapter 7 bankruptcy and you get married how will that affect you?
It will only become an issue if you apply for joint credit such as a mortgage, vehicle financing, and so forth.
Is there a bank where you will be able to qualify for a mortgage even though you have bad credit?
Chase will qualify you for a mortgage even if you have bad credit. You can even have filed for bankruptcy
Does banker have right to search your credit when not a coborrower on spouses refi of 85k rental home I have a 7 year old discharged bankruptcy but a 729 score and not working and he 855 with 95k year?
sounds like he is the borrower. You can not be a borrower without income. You can be on the titlewithout income you should not be on the loan. The bank has to check just his credit with just his income . thanks John d the mortgage man
What happens when a coborrower stops paying their portion of mortgage?
The other co-signer is responsible for paying the mortgage. If the mortgage goes into default both credit records will be ruined. Both signers are equally responsible for full payment. If one doesn't pay the other must or the bank will foreclose.
What if you file bankuptcy and have a reverse mortgage?
The reverse mortgage is typically unaffected by the bankruptcy as the mortgage is usually left out of the bankruptcy- that is a conversation you need to have with your attorney however. The bankruptcy court may look at the amount of equity you have in your home and determine what type of bankruptcy you qualify for. A reverse mortgage can even be used to pay off a bankruptcy or a mortgage in foreclosure as there are no credit requirements on them. I suggest talking to a bankruptcy attorney for information on what is available to you from the courts side of things.
If I file for bankruptcy can I still refinance my mortgage?
You would probably be better off refinancing your mortgage first and then applying for bankruptcy later on. My mom had to file for bankruptcy due to credit card debt she could not pay.
Should wife be placed on deed before filing chapter 13 bankruptcy?
You will need to discuss this thoroughly with an experienced bankruptcy lawyer. Mortgages usually do not allow a change in title without the consent of the mortgage holder, and it can trigger acceleration of the mortgage and require immediate poayment of the whole balance due. If the wife has good credit and the mortgage is in trouble, it may affect her ability to borrow after the bankruptcy, so don't do it.
Is a primary borrower's mortgage or credit affected when the co signer on a loan declares bankruptcy?
no
