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To conduct a short-sale transaction, the bank(s) holding the mortgage(s) have to agree to a short-sale. If your name is not on the Mortgage, technically you don't have a right to conduct a short sale.

Even if you "own" the house (which will be in question during the entire process), the holders of the Mortgage note(s), typically banks or finance companies, actually have primary ownership of the asset (the house).

If you are able to complete a short-sale, even though you are not on the mortgage note, as an owner the bank holding the note may ask you to take partial responsibility for the difference between sale price and mortgage value, or even to put in equity immediately to avoid a short sale situation. If this occurs, and you cannot pay, you will end up with a debt and a schedule to pay that debt. Adding any debt will negatively affect your credit score.

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โˆ™ 2010-09-28 22:49:15
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Q: Will it affect my credit if I short-sale a house that I own but do not have my name on the mortgage?
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If there is a lien on a house but someone else is on the 2nd mortgage does it affect their credit also?

yes, only if the second mortgage does not get paid.

If your name is not on the mortgage or deed are you responsible if the bank forecloses on your spouse's house?

If the bank is foreclosing on your spouse's house and you are not on the deed or mortgage then you are not responsible for the debt. The foreclosure should not affect your credit record.

How does a second mortgage lean on a house effect a credit rating?

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.

Does leasing a car affect buying a house?

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.

If your mother in law is the executor of the will but does not have her name as an owner of a house and it is repossessed in the state of Georgia will it reflect on her credit?

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.

What is the average house mortgage rate?

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%

What does bad credit mortgage rate mean?

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.

Do you need good credit to buy a house?

Yes, in order to obtain a mortgage you will be required to have a good credit record.

I am not on the 1st mortgage loan but I co-signed a loan for the second mortgage The 1st mortgage lender is foreclosing If I stay current on the second will my credit show a foreclosure?

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.

Can they take your house if you do not pay your credit card?

Only if the credit card an "equity line of credit" which is secured by a second mortgage on the property. But then, if her name is not on the house, she couldn't have used it for security on the credit card, so NO.

Can you sell your house with judgments on your credit report?

Sure; the problem in such a case would be getting a mortgage to buy a house, not selling a house.

If the house is in your spouses name but you are on the deed can it boost your credit score?

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.

What happens with your credit if you lost the house for unpaid taxes?

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

What can one do with an adverse mortgage?

An adverse credit mortgage is designed and available for people who have had financial difficulties in their past. It make purchasing a house more realistic and available to those who have bad credit.

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.

Which bank is best to get a mortgage?

Mostleaders/banks have the same products, your ability to get a mortgage loan will be hinged on your credit score and your ability to purchase a house.

What does a mortgage payment cost?

A mortgage payment depends on several main things: -How much your house is worth -How much you put down for your house -Your credit approval -The type of mortgage plan you chose, usually 15 or 30 years

What are the requirements to get a mortgage on a house?

The requirements to get a mortgage on a house are generally these. At least one of the potential mortgagees should be in full time employment or some other regular, reliable means of income. They should have a deposit saved which will cover a percentage of the value of the house -the percentage depends on how much the mortgage lender requires, and they should be credit worthy. To ascertain this it may be worth while asking for a credit report from one of the credit companies.

Does executors credit affect sale of decendents house?

The credit of the executor has no bearing on the credit of the estate. It is not his property in question.

How can you get the best mortgage rates?

Have pristine credit. The better your credit history is, the lower your mortgage rate will be. The worst things you can do to your credit, in the eyes of a mortgage company: 1) Not pay your bills. This is absolutely the worst thing. 2) Not use credit at all. If you never use credit, the mortgage company can't determine how you act when you do. 3) Not carry a balance. If you get a credit card, make small purchases and always pay them in full at the end of the month, mortgage companies consider that not using credit. 4) Having way too much available credit. If you have many credit cards, the mortgage company will assume you might actually use all that credit. If you DO use it all, you won't be able to pay your house payment.

Can someone with a mortgage get another mortgage to buy a second house?

If they have good credit and the ability to repay. Most people who own multiple homes have multiple mortgages.

Is your credit history affected by a lien that is put on a house?

If there is a mortgage/equity loan involved,that loan will report on your credit history. The lien will report on the title of the house. A title search will be conducted if you are selling or refinancing the house.

How does credit affect an individual financial standing?

Your credit can raise or lower your credit score. It is what consumer credit for buying a house or car is based on.

How does credit affect an individual's financial standing?

Your credit can raise or lower your credit score. It is what consumer credit for buying a house or car is based on.

How does one apply for a mortgage?

A mortgage is a loan taken out to purchase a house. One can apply for a mortgage by approaching a lender, such as a bank. The bank will need one's information, such as one's credit history and employment records.