Foreclosure in 93510>Question Details

Thanna, Home Owner in 93510

My mom's home is inforeclosure. I am not on the loan, but i am on the title. when the bank takes it back , will my credit be affected negitively?

Asked by Thanna, 93510 Fri Mar 2, 2012

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If you are not on the loan, your credit will not be affected.
1 vote Thank Flag Link Fri Mar 2, 2012
You have been getting good advice but I wanted to check with the California Association of Realtors legal staff to be sure. Their advice is that your credit will not be affected.

I like the advice already given about getting off of title before it is forec losed on if you can, judt to be sure you are protected.
0 votes Thank Flag Link Sat Mar 3, 2012
you will not be affected though the action of foreclosure will show up on your report as a legal action against you since the home and the deed to it were taken to court and the judgment of the foreclosure was against your mom and all mentioned on the title.
0 votes Thank Flag Link Fri Mar 2, 2012
Your credit will not be affected but I would try and deed yourself off the property if possible. If the home does foreclosure it will be a matter of public record. This may be an issue when applying for a loan in the future because there is a question on the loan application that asks if you have had a foreclosure in the last seven years. I would also recommend consulting with a real estate attorney to further protect yourself. Hope that helps.
0 votes Thank Flag Link Fri Mar 2, 2012
You shouldn't be affected since you are only on title and it doesn't appear anywhere on your credit history. I would advise talking to a reputable lender in your area to confirm this.

Hope that helps!

0 votes Thank Flag Link Fri Mar 2, 2012
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