Posted on: 28th Jan, 2010 09:45 pm
My father is 86 and is purchasing a home he is putting in his will that i would get the property in case of his death...this would be a mortgated home so im wondering since my credit score is so poor what would happen with the property as far as the mortgagor is concerned...it doesn't seem like they would finance someone with a poor credit score...since im going to have an interest in this purchase ie down payment i need to know
i live in the state of nevada
thank you
chris
i live in the state of nevada
thank you
chris
you're right chris - the lender won't have any desire to be stuck with a person with poor credit handling repayment of their loan. of course, that won't occur unless and until your father's passing and your subsequent takeover of the mortgage obligation.
but of course if he passes while the mortgage loan is still open, and you pick up payments without skipping a beat, then the lender isn't very likely to worry much either...they probably won't even know of your dad's passing when the time comes. if it happens that you begin making payments and do so on a timely basis, nobody will probably notice much.
but of course if he passes while the mortgage loan is still open, and you pick up payments without skipping a beat, then the lender isn't very likely to worry much either...they probably won't even know of your dad's passing when the time comes. if it happens that you begin making payments and do so on a timely basis, nobody will probably notice much.