I have an investment property in the U.S.A. that will need to be refinanced in two years. I currently have an ARM, but will not be able to get the rent to cover the new payments. If I foreclose on this property, will it affect my credit here in Canada? I want to buy more homes in Canada in the near future.
2007-11-05 07:47:09 · 3 answers · asked by tlldob 4 in Business & Finance ➔ Renting & Real Estate
You mean if the house in the US is foreclosed on...you're not foreclosing anything, the lender is.
Probably not. US and Canadian credit doesn't usually cross over. If the lender has facilities in both countries, though, you might have a problem. Wouldn't it be better to sell the property rather than just abandon it?
2007-11-05 07:51:27 · answer #1 · answered by Debdeb 7 · 0⤊ 0⤋
It depends if Canada uses the FICO scoring system used in the US.
2007-11-05 07:51:14 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Are you using a Canadian account?
2007-11-05 07:50:11 · answer #3 · answered by Gray 6 · 0⤊ 0⤋