Posted on: 24th Feb, 2008 06:29 am
I am QCD a house because the man building it owes me $ (I am the 2nd on the house). If he does not pay on the construction loan, can I be held responsible for that? If it forecloses does my credit get affected?
i don't fully understand your question. i take it you have a second mortgage and the first mortgage is going into foreclosure. this should not affect your credit, nor are you responsible for the first mortgage.
you have 2 options. you can do nothing, and you lose your lien (but keep the contractual payment right), or, you can assume the first mortgage and take title to the property.
you have 2 options. you can do nothing, and you lose your lien (but keep the contractual payment right), or, you can assume the first mortgage and take title to the property.
Hi Mess,
Welcome to the forum.
Is it a mortgaged property and you still remains on the mortgage then you will be responsible for the mortgage and if it is foreclosed then your credit score will also be affected. So you will have to us know whether it is mortgaged property or not? If it is a mortgaged property then are you still on the mortgage?
Best of luck,
Larry
Welcome to the forum.
Is it a mortgaged property and you still remains on the mortgage then you will be responsible for the mortgage and if it is foreclosed then your credit score will also be affected. So you will have to us know whether it is mortgaged property or not? If it is a mortgaged property then are you still on the mortgage?
Best of luck,
Larry
