Posted on: 19th Aug, 2009 01:29 pm
The deal from the mortgage company was for her to pay 12 months on time for the home. 6 months later I find out that the house is in foreclosure. I was not informed of this matter until it was too late. I am trying to get this foreclosure off my credit. What can I do?
Hi twhatley!
Welcome to forums!
If the mortgage is in your name, then signing a quitclaim deed will not help you in removing the foreclosure from your credit report. You will have to pay off the mortgage dues and bring the loan current. Or else, you will have to speak to the lender for a loan modification. Here the lender would give you a payment plan to pay off the mortgage dues.
If the mortgage is in your friend's name, then you should not worry about the foreclosure. In that case, it would only affect your friend's credit and not yours.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the mortgage is in your name, then signing a quitclaim deed will not help you in removing the foreclosure from your credit report. You will have to pay off the mortgage dues and bring the loan current. Or else, you will have to speak to the lender for a loan modification. Here the lender would give you a payment plan to pay off the mortgage dues.
If the mortgage is in your friend's name, then you should not worry about the foreclosure. In that case, it would only affect your friend's credit and not yours.
Feel free to ask if you've further queries.
Sussane