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Forums » General Foreclosure & Pre-Foreclosure Forums » Short sale and credit score

Short sale and credit score Subscribe to Short sale and credit score

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Tag Tags: short-sale-investment


Irina Tsekhmistrouk


Forum_avatar_avatar-taikomaniac

Icon_minipost Jul 27 '09, 08:54 AM

Hello,
My friend and myself own an investment property that got totally sour. Both of us are on the title and only my friend is on the mortgage. We want to get rid of this property and are considering short-sale. Would my credit be affected by this even I am not on the loan?

Thanks a lot.

Edited: 06/26/2010 at 09:08AM


Scott M.

Real Estate Investor · Rochester Hills, Michigan


Forum_avatar_avatar-scottmac

Icon_minipost Jul 27 '09, 10:21 AM

No.

If your not on the loan your credit will not be hurt.

Edited: 06/26/2010 at 09:08AM


Christina Inman

Real Estate Investor · Newport Beach, California


Forum_avatar_avatar-theagentcenter

Icon_minipost Aug 20 '09, 09:04 AM

Won't have a credit issue...

but just to be safe....get off the property. If indeed your going to short sale, your not at risk of harming your security to any profits...why stay on. Depending on the state a simple quick claim will do. Get it from staples...fill it out...record it at the county recorders.

The Agent Center

Edited: 06/26/2010 at 09:26AM


Minna Reid

Real Estate Consultant · Tolland, Connecticut


Forum_avatar_avatar-minna

Icon_minipost Aug 20 '09, 11:00 AM

You are fine. This will have no harm to your credit.

Edited: 06/26/2010 at 09:26AM


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