even that he is not on the loan, it will show on his credit report like a public record that he has a foreclosure?
2007-12-06 05:59:47 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
No, the foreclosure has only to do with the loan not being paid and the person whose name is on the loan will suffer.
2007-12-06 06:08:12 · answer #1 · answered by Bette 5 · 1⤊ 1⤋
The lender will foreclose and name any entity that might have an interest in the property. Your husband will be named in the foreclosure, but it should not go on his credit report. I say should not because I held a second mortgage on a property and when the first mortgage foreclosed, I was named due to my interest as second mortgage holder. One the the credit bureaus put the foreclosure on my credit report and I had to send them documentation that I was not being foreclosed on. That is a rare situation, but it did happen to me. They removed the foreclosure from my credit quickly.
2007-12-06 08:37:35 · answer #2 · answered by proactiveindy 2 · 0⤊ 0⤋
Yes, the mortgage company is foreclosing on the property, not on the loan, in other words, you put up the title in order to get the mortgage.. when the title is foreclosed upon, all names on the title are subject to the foreclosure proceedings and it will show on all names on the title.
2007-12-06 06:08:16 · answer #3 · answered by TommyBoy 3 · 0⤊ 1⤋
the foreclosure suit will be against you and John Doe (the person on the title). If they use his name in the lawsuit, it will be picked up by the credit companies, but I don't think they can include your husband, by name, in the lawsuit.
2007-12-06 06:08:39 · answer #4 · answered by DeeDee 6 · 0⤊ 0⤋
No, since he's not on the mortgage it won't go on his credit record.
2007-12-06 06:08:21 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋