Upcoming Foreclosures

Will a foreclosure show on my credit if I am not listed on mortgage?

A former real estate partner and I are on the deed, the mortgage is in his name only. I received notice the lender is foreclosing the property. Will it affect my credit?

Public Comments

1. Nope, the lender has your partners name on the mortgage, he has the payment history etc, and therefore the burden. How you managed to get on the deed but not on the mortgage is a miracle. Usually both parties go in to a venture equally. You got lucky with this one.
2. The payment history will not be reported on your credit, but it could possibly show up when someone does a public record search of your name. So be aware that a background check or public record search component of a credit report might bring it up, but the payment history will not be on your report as if the loan were yours. If you need to build more credit, try creditloader dot com.
3. Choosing foreclosure can be tough, as it has sever and long-term effects. You not only stand to lose your home and look for alternative accommodation, but your credit rating will be affected for next 7-10 years. Within 10 years, your life can undergo many changes and your purchasing capacity may be restricted, even though your spending habits have changed. Foreclosure is a major choice and it is best to take it with the help of a credit or debt counselor. http://www.freewebs.com/getanswer/foreclosuredecision.html