Foreclosure in 94558>Question Details

Mark, Home Buyer in Napa, CA

Hi-Thank you for your answers-If the 2nd gets wiped out by the first what happens to my fico score?Thank you.

Asked by Mark, Napa, CA Sun Jul 27, 2008

Does it matter if I'am the lein holder or owner in the foreclosure or does it effect it all the same-Thank you again

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Oh, I get it. YOU are the creditor. Well, never mind my first answer.

Except the part about it having no effect on the Fico score. You just bought a second position lien. You did not agree to guarantee the first mortgage for the debtor, did you?

Your Fico score is tied to your obligations as a debtor. You are the creditor in the situation you described.
A debtor is someone who owes money. A creditor is someone to whom the money is owed.

So my answer is still the same for a different reason: This should not affect your Fico score at all.

Please come back to this thread after all this is sorted out for you, to tell us Trulia readers if you got anything back on your investment at that auction, or if it is all money washed away under the bridge.
0 votes Thank Flag Link Sun Jul 27, 2008
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
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This is not even an apples and oranges comparison. It is more like apples and spaghetti.

Having the 2nd wipe out of lien position on the county records has absolutely no effect on the credit reporting system. - The county records and the credit repository are two entirely different data bases, een though some information in one data base may also be in the other. Such as some of the infromation about mortgage debts.

The answer is that there is no immediate effect on your credit score from the lien being removed from the 2nd debt. That does not get it removed from the credit record.

However, after the security has been removed from the debt, you may be able to negotiate wth the creditor who holds the second position deed of trust to ask them to report your obligation as something other than a bad debt.
0 votes Thank Flag Link Sun Jul 27, 2008
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
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