Posted on: 17th Oct, 2010 12:43 pm
I owe $80000 on a contract for deed loan at 6% interest, the houses current condition is worth $80000. I could sink another $5000 into the house for repairs and satisfy the owner for a deed in lieu or go through the foreclosure process and possibly be sued. can the lender actually go after my credit score even if the loan doesn't show up on my credit report? will it hurt my credit either way?
Hi mtyclips,
If the mortgage is not mentioned in your credit report, then a foreclosure or a deed in lieu on it will not affect your credit score.
If the mortgage is not mentioned in your credit report, then a foreclosure or a deed in lieu on it will not affect your credit score.