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Will a deed in lieu of foreclosure affect your credit record if you are on the deed in joint tenancy but did not signed the note or mortgage?
If you were a joint owner and didn't sign the mortgage then the bank cannot foreclose on your interest in the property. Therefore, you shouldn't sign a deed in lieu of foreclosure. Only the borrower in default should sign that deed. The lender erred by not having all the fee owners sign the note and mortgage. If only one owner signed then the bank only received that person's interest in the property. If you want to sell your interest to the bank it should conveyed by a separate deed with you alone as the grantor.
If your name was added after the original owner granted the mortgage the situation is different. You should seek the advice of a real estate attorney who could advise you about your rights and how to make the transfer properly so it doesn't have an effect on your own credit.
What else can I help you with?
What happens if the wife is on the mortgage and not on the note and the husband dies?
If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.
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.
Do you have to pay for a home if you are on the deed?
If your name was added to property after the property was mortgaged then you are not legally responsible for paying the mortgage and a foreclosure of the mortgage will not affect your credit. However, if the mortgage isn't paid the lender will take possession of the property by a foreclosure process.
Can a co signer of a mortgage be taken off after foreclosure?
Nothing can be modified in the mortgage after a foreclosure since the right to entry and sale has been exercised and the mortgage is no longer active. The foreclosure is final, it has been reported to the credit bureaus and once completed it cannot be revisited.Nothing can be modified in the mortgage after a foreclosure since the right to entry and sale has been exercised and the mortgage is no longer active. The foreclosure is final, it has been reported to the credit bureaus and once completed it cannot be revisited.Nothing can be modified in the mortgage after a foreclosure since the right to entry and sale has been exercised and the mortgage is no longer active. The foreclosure is final, it has been reported to the credit bureaus and once completed it cannot be revisited.Nothing can be modified in the mortgage after a foreclosure since the right to entry and sale has been exercised and the mortgage is no longer active. The foreclosure is final, it has been reported to the credit bureaus and once completed it cannot be revisited.
Does foreclouse affect the spouse credit who is not on the mortgage?
No. A foreclosure affects only the borrower and anyone else who signed the mortgage.No. A foreclosure affects only the borrower and anyone else who signed the mortgage.No. A foreclosure affects only the borrower and anyone else who signed the mortgage.No. A foreclosure affects only the borrower and anyone else who signed the mortgage.
What if deceased parent's home mortgage is more than the property can be sold for?
The bank will take possession of the property by foreclosure. If the mortgage is in the deceased parent's name it will not affect anyone's credit.
How does foreclosure affect a person who is listed on the deed but not the mortgage?
If two people are co-owners of real property and then only one signs a note and mortgage, the lender can only foreclose on that one's interest in the property. A foreclosure would only be reported on that person't credit record.If your name was added to the property after the mortgage was granted by the owner you are not responsible for it as long as you didn't sign the mortgage or the note. The foreclosure would only be reported on the mortgagor's credit record.
What effect does Foreclosure have on credit?
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.
Are the heirs to a property in foreclosure responsible for mortgage?
The estate is responsible for the debts of the deceased. None of the assets can be distributed until the debts have been paid. The bank has a prior lien on the property. The foreclosure of that mortgage will not affect the heirs in any way except to deprive them of inheriting the mortgaged premises. If the heirs wish to maintain that property then they would need to negotiate with the bank and pay off the mortgage. The foreclosure will not affect the credit records of the heirs.
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.
Are you responsible to pay the mortgage after foreclosure?
No. The bank owns the house after foreclosure. But your credit report will take years to fix. Good luck.
How will a foreclosure affect your credit?
Foreclosure is a very damaging entry on a CR, and will cause problems if the person tries to obtain credit (especially another mortgage), in the future. Foreclosures remain on a CR for seven (7) years. Here is an interesting article I read just today on this topic. Here have a look: http://www.mortgagetonight.com/2009/01/how-foreclosure-affects-credit/
