Posted on: 04th Apr, 2012 02:02 pm
If my father and I own a home and both names are on the title but only his name is on the mortgage and eguity loan and it goes into foreclosure, will it affect my credit?
Hi Queenie!
Welcome to forums!
As your name is not mentioned on the mortgage and the equity loan, then the foreclosure won't have a negative impact on your credit report. Your credit scores won't get reduced due to this foreclosure.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As your name is not mentioned on the mortgage and the equity loan, then the foreclosure won't have a negative impact on your credit report. Your credit scores won't get reduced due to this foreclosure.
Feel free to ask if you've further queries.
Sussane
Hi Queenie,
I agree with Sussan. The foreclosure of the property and the mortgage won't affect your credit in any way as your name is not mentioned on the mortgage docs. However, it may be mentioned in your credit report that your property has been foreclosed due to someone else's fault.
Thanks
I agree with Sussan. The foreclosure of the property and the mortgage won't affect your credit in any way as your name is not mentioned on the mortgage docs. However, it may be mentioned in your credit report that your property has been foreclosed due to someone else's fault.
Thanks