My house is going into foreclosure. Parents bought the house but we are the deed owner of the house.?
Question:
Answer:
If you were not on the loan used to purchase the home, then your credit will not be affected. If your parents signed for the home loan, then it is them who will be adversely affected by you not paying on the loan. If ever they want to refinance their own home, purchase another property, or obtain a home equity line, they will have extreme difficulty doing so due to the foreclosure on their record.
Sell the home if you are certain that foreclosure is your only solution. If you sell it early enough, you can escape foreclosure and all that will be seen on your parents record are the mortgage lates which is much better than an actual foreclosure.
Good luck...
If the mortgage is in your parents name, it will affect their credit. You may want to let them know what's going on since it will ultimately affect them. Just by deeding property over to you does not relieve them from their obligation to repay the loan.
Also, talk to the bank and ask them if you can assume the loan. Or, if you have any equity in the house, you may be able to get a loan out to help you to get caught back up and get you on the right track. Talk to a mortgage consultant in your area to see what if anything they can do to help you. Check with a mortgage broker or banker and not a big bank. Big banks do not usually have a lot of programs for people in your situation.
cA Lender
no, but almost going into foreclosure didn't do any wonders for your credit.
Find an investor to buy it from you. I happen to know one.
http://easy.to/sellyourhouse
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