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My husband has died and I live in Oregon. We have a V.A. loan. I am only on the deed not the loan. Foreclosure affect my credit?

by llondon1313845 from , California. Jun 19th 2017 Reply


Wes Hankins (Wes Hankins)
#86 ranked lender in California - 9 contributions

If you are not on the loan, it will not affect your score. But Technically you will have to answer "yes" that you have had a foreclosure. We are in CA and deal with defaulted loans and properties. Let us know if we can help.

Jun 19th 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,938 contributions

Yes.and no.. The foreclosure will not show up on your credit report, but if you ever apply for a loan, you will have to answer "yes" when asked if you ever had a foreclosure. Lenders run a nationwide property search when issuing a loan.. they are trying to verify that you have properly disclosed everything on your credit application. if you don't fully disclose they will find out.. But my question is why don't you just sell the home.. even if it's a short sale.. it wont affect your credit and you wont have to answer "yes" to the foreclosure question.. if the property has equity, and your husband has gone through probate, then any equity would be yours.. and no taxes would be due if it that property was your primary residence for 2 of the past 5 years, and the net gains are $500K or less. My suggestion is "don't foreclose".. contact a local real estate agent and try to sell the home.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Jun 19th 2017
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