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It will be severely damaged for 10 years.
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∙ 14y ago
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What if you default on a home equity line of credit?
A home equity line of credit is a mortgage. If you default the lender will foreclose and take possession of the property by the foreclosure procedure used in your state.
What happen to second loan after foreclosure?
They only foreclose on the 1st loan. The 2nd will go as a charge off as bad debt. They may sue you to get a judgment on it. I had an 80/20 loan and on my credit the 80 loan was only showing as foreclosure, the 20 was coming up as charged off
What is the word foreclose when changed into a noun?
Foreclosure is the noun variant for foreclose.
What can happen to a person who receives a property through right of survivorship and can't afford to pay the mortgage?
If the person is unable to pay, the bank can foreclose.
Is it better or worse for your credit to let the bank foreclose on a mortgage of a second property while facing bankruptcy?
A foreclosure or bankruptcy is never good for your credit, this is something you'd be better off discussing with an attorney. You can avoid foreclosure by filing bankruptcy.
When a Chapter 13 court date has been set to lift stay to foreclose on home can it show up on credit report as proceeding to foreclose started?
No action should be taken until a ruling has been made by the court. CRA are notorious for bypassing correct procedures though. I doubt in this case it is something you need to worry about,considering the circumstances. If it happens, it really isn't that much more damaging to your credit. Sorry!
If foreclosure becomes definite what will happen to your credit?
your credit rating will drop
What happens when a borrower doesn't pay back a mortgage loan?
The lender can foreclose the mortgage and sell the house to recoup its losses. You would lose the house. Your credit rating will plummet.
Can you foreclose a mortgage with a copy of the note?
No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.
What happens if you allow one property to foreclose but have another property in good standing How does this hurt your credit?
It will go bad on your credit report anyay. What you got left does't matter. Creditors want to know how you may, can, did, might do, and do, pay up on their current accounts.
Applying for credit after foreclosure, what interest rate should I expect?
You probably will be stuck with a very high interest rate since you had to foreclose on your house. Expect it to be higher than 20% to start out.
If a court has found a foreclosure illegal and strikes down the Motion to Foreclose with prejudice how do you get the foreclosure off of your credit report?
If the lender does not correct your credit report, then you could send a letter and a copy of the court's decision to the credit agencies. Still, a notice of foreclosure may remain, and I am not sure whether you can make that go away.
