Foreclosure effects on Credit (heloc, credit report, financing, property)

[rogman119]

Just wondering if my name is only on a HELOC not on a 1st would my credit be affected the same as if it was on the 1st in the case of a foreclosure?

[renriq02]

If the HELOC isnt paid off...and goes through foreclosure proceedings then you will receive a R-9 on your credit report.
R is for revolving accounts...and 9 is the highest delinquency.
M is for mortgages......they may change it to M-9.
Either way...if any creditor views HELOC..and the 9...they will automatically assume 'foreclosure'.

Originally Posted by rogman119

Just wondering if my name is only on a HELOC not on a 1st would my credit be affected the same as if it was on the 1st in the case of a foreclosure?

[rogman119]

With either an R-9 or an M-9 on a credit report would one still lose up to 250 on their FICO score and would it have the same up to 7 years on the report?

[renriq02]

nobody can determine how many points will be lost....

another thing is that when applying for a mortgage....you will need to answer 'yes' to the declarations of.....have you EVER had a property foreclosed..etc.

You will however be able to receive FHA financing after 2yrs...but you will need to reestablish your credit history after the foreclosure with at least 3tradelines.

Originally Posted by rogman119

With either an R-9 or an M-9 on a credit report would one still lose up to 250 on their FICO score and would it have the same up to 7 years on the report?