if my name is on the deed and not on the mortgage and the property is foreclosed upon, does this affect my credit ?

Asked by Tigerbait62, Maurice, LA Thu Jan 19, 2012

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Kevin and Ju…, Agent, Wildomar, CA
Sat Feb 11, 2012
Only if reported to the CRA's in your name. In most cases, since you are not on the mortgage, it will not show up on your credit report -
2 votes
Lana Lavenba…, Agent, Grants Pass, OR
Thu Jan 19, 2012
I am sorry to disagree with the prior person but yes it will -your name on the deed makes you as responsible as the person on the mortgage.
1 vote
Crystal Reed…, , Wilmington, NC
Sat Feb 11, 2012
This happened to me as a result of my divorce. My credit report has no record of the legal action. The loan was never part of my credit history, so the default nor the foreclosure action is reflected and my score remains high. However, I am not sure what underwriting efforts are completed when applying for a subsequent home loan. We had two homes at the time and we still share ownership of the second home, which was our vacation home. I would like to purchase another home, but I have no idea if the foreclosure will show up in other underwriting efforts beyond the credit bureau. Does anyone know?
0 votes
Ron Thomas, Agent, Fresno, CA
Thu Jan 19, 2012
I don't know,
but I will give you an award for the BEST QUESTION today!

Good luck and may God bless
0 votes
Melina Tomson, Agent, Salem, OR
Thu Jan 19, 2012
It shouldn't as you have no legal obligation to repay the note. The notice of default would get filed against the party who has signed the Trust Deed.
0 votes
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