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Will this hurt my spouses credit rating. Her mother passed away and left a Condo in her will for my wife and here sisters. They have been trying to sell it, but no interest so far. Now it is going in foreclosure and she is afraid this will affect her credit rating. Anyone know if it will or not?
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Who's name is on the deed? Is there a mortgage on the property? Who's name is the mortgage in? Foreclosure will only affect the person on the mortgage as it is a credit issue. -
Thank you for your answer. The Deed and Mortgage are both still in my mother in laws name. There is a mortgage if 60K still due, the property is probably worth aprox 90K. But its in Ohio and not selling. Maybe a short sell is in order?Comment
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Why short sale it? Sell it for what it is worth and pay off the mortgage. No short sale needed. You need to talk to the bank and work out an arrangement with them. They don't want to foreclose on the property, they would rather see it sold.Comment
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Where is the problem here? The mortgage is for 60K and the place is worth 90K. Just sell it. Mark it down to get it sold faster. Even if you sell it for 80K or 75K, you'll be fine after expenses.Originally posted by COB_Speicher View PostSteve
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