Posted on: 17th Aug, 2009 12:18 pm
I am on the title for my mothers home and she is having trouble paying the mortgage. What happens to my credit if she just walks away from the house and it is forclosed?
If your name is nto ont eh mortgage then it should not affect your credit report
Hi Guest,
I guess your name is only on the property deed and not on the mortgage. As your name is not on the mortgage docs, your credit will not get affected if the property is foreclosed upon by the lender. However, if you want to save the property, you can pay off the mortgage dues and bring the loan current.
Thanks
I guess your name is only on the property deed and not on the mortgage. As your name is not on the mortgage docs, your credit will not get affected if the property is foreclosed upon by the lender. However, if you want to save the property, you can pay off the mortgage dues and bring the loan current.
Thanks
You are on the title so you will be named in the foreclosure lawsuit (if it is a judicial foreclosure). It will then appear on your credit history as a foreclosure judgment. Technically you were not on the mortgage, but try explaining that in your FICO score.
