I asked you a question about a week ago and you asked me a few questions ho
I asked you a question about a week ago and you asked me a few questions ho
I asked you a question about a week ago and you asked me a few questions however I can't figure out how to send you a response so here is my response to you. First, I will refresh your memory. I was the person whose mother passed away and the lender won't let me assume the loan without a co-signer.
Response below:I was going to rent it until they told me it was going into Foreclosure so at present I have it on the market and I do not live there.
This is actually a Federal loan. Yes, you are correct they are fools and not very compassionate. I indicated to them that this house was in my family since 1940 and that i have showed the ability to pay the loan, as I have been making payments on time.
When this is all said and done i will never do business with this financial institution either and I will make sure that I put the word out to people in my community. THey have also given me misinformation on several occasions for instance I was told two weeks ago that as long as I am current with the payment and have the house on the Market they would not start Foreclosure now last week was a different tune and now they will immediatally start foreclosure if I don't come up with a co-signer. Not very informed in their line of business!!
Do you know if the home does go into foreclosure will that show on my credit report? Public record? If so what is the best way to avoid it a Deed in lue of foreclosure??
Thanks!
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I don't recall if you own the home at this point or not. If the lender chooses to go the foreclosure route, then they'd have to sue whoever the owner of the home is. If that's you, then they'll file their lawsuit against you. The suit would be considered a public record; credit repositories pick up on public records and they appear on someone's credit record. So if that were to take place, then in that instance, your credit would reflect the foreclosure action being taken. The mortgage, however, since it is not yours, will never show up.
To avoid the foreclosure or any other actions, you are doing the right thing first by attempting to sell the home. A deed in lieu of foreclosure is something you may want to use as a bargaining tool with the lender if they do decide to begin a foreclosure action. Usually, lenders will accept those because doing so negates the lengthy delays that a foreclosure action will bring, and there's less risk of a property that might be abandoned, for example, of worsening since the deed in lieu can be done quicker than the legal court action.
And I will still maintain they are fools unless and until they accept some sort of settled situation with you.