Someone erred in entering it into the record or your information about the foreclosure is incorrect.
what ever the balance was at the time of foreclosure will report on your credit report
Contact the lender immediately to review. If the report is WRONG because you did not assume and default on the mortgage, contact the credit reporting bureau immediately to flag the defaulted account as fraud.
The answer is Yes, the construction loan is considered a regular mortgage. So if you stop paying the mortgage, it will forclose and show on your credit report.
It is up to each mortgage company to determine a person's credit worthiness and likelihood to pay a mortgage loan. Mortgage companies may not approve loans if there are derogatory credit items on a person's report, but this decision is often based on many factors. A judgment will appear on your credit reportfor seven years from the filing date.
Not in Texas. If the unpaid balance is related to your Mortgage then the answer is yes. In this case your home will be foreclosed. an unpaid balance will eventually be reported to the credit bureau.
Your spouse's credit score should not be affected if he/she is not on the deed or on the mortgage that was foreclosed.
what ever the balance was at the time of foreclosure will report on your credit report
Contact the lender immediately to review. If the report is WRONG because you did not assume and default on the mortgage, contact the credit reporting bureau immediately to flag the defaulted account as fraud.
The answer is Yes, the construction loan is considered a regular mortgage. So if you stop paying the mortgage, it will forclose and show on your credit report.
It is up to each mortgage company to determine a person's credit worthiness and likelihood to pay a mortgage loan. Mortgage companies may not approve loans if there are derogatory credit items on a person's report, but this decision is often based on many factors. A judgment will appear on your credit reportfor seven years from the filing date.
Not in Texas. If the unpaid balance is related to your Mortgage then the answer is yes. In this case your home will be foreclosed. an unpaid balance will eventually be reported to the credit bureau.
Actually, you have no rights. All you have is an obligation to pay the mortgage if the primary borrower doesn't pay. If you co-signed a mortgage for property that is owned by another person you have offered to pay the mortgage even though you have no rights or interest in the property. If the borrower defaults the bank will go after you for payments just as you promised when you signed the mortgage. If the mortgage is foreclosed it will be reported on your credit record.
Seven years! There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.
It is very difficult to get a mortgage with bad credit. You will probably first have to raise your credit score.
The credit score can effect mortgage rates in a lot of differnt ways. If someone has a high credit score he get a lower mortgage rate and if someone has a low credit score he gets a higher mortgage rate.
A foreclosed home can take seven years before it is taken off your credit report. You can build your credit back up in about three years if you continue to pay all your bills on time.
There are a few websites where one can go to get information on mortgage lenders for bad credit. Realtor have an article on how to get a mortgage with bad credit. The Bad Credit Whiz website has a list of the top 10 bad credit mortgage companies.