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.
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.
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.
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.
Sure; the problem in such a case would be getting a mortgage to buy a house, not selling a house.
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.
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.
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.
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.
Yes, in order to obtain a mortgage you will be required to have a good credit record.
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.
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.