Posted on: 18th Aug, 2008 06:56 pm
If i put my house in deed in lue can thay take my other house that i am going to buy, I am the only person on this loan but i have been married and both of us are going on the new loan can thay do anything
Hello Jennifer.
If your mortgage company accepts a deed in lien then they will not come after you for the deficiency judgment. Have you get approved for another mortgage? Deed in lieu generally has a huge negative affect on the credit report. So people generally don't get approved for a mortgage loan in the first 3 or 4 years with affordable rates and batter terms. Feel free to ask the community if you have further questions.
If your mortgage company accepts a deed in lien then they will not come after you for the deficiency judgment. Have you get approved for another mortgage? Deed in lieu generally has a huge negative affect on the credit report. So people generally don't get approved for a mortgage loan in the first 3 or 4 years with affordable rates and batter terms. Feel free to ask the community if you have further questions.
if we go with a deed in lue will it mess up our credit?
Yes, deed in lieu will drop down your credit score by 250 points or so.
can construction loans be treated the same as conventional
Hi stevehowie!
Construction loans cannot be treated similarly as a conventional loans. You can convert a construction loan into a permanent loan.
Thanks,
Jerry
Construction loans cannot be treated similarly as a conventional loans. You can convert a construction loan into a permanent loan.
Thanks,
Jerry