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Old 01-05-2008, 06:35 AM
 
2 posts, read 8,147 times
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I need experts to help me out on this issue. Currently, we have a house under my parents' name as parties of the first part (GRANTORS) and my parents' names + my name as parties of the second part (GRANTEES). We got the first mortgage under my parents' name and the second mortgage which is HELOC in this case under my name. I am wondering what happens if my parents can not make payments on the first mortgage and in worst scenario what if our property goes on to foreclosure? Would it affect my credit score as well? Can I still maintain my payments to HELOC even though our property goes on to foreclosure? Is there a way that I can avoid situation like not hurting my credit?
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Old 01-05-2008, 10:35 AM
 
7 posts, read 32,623 times
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Hi I am a mortgage professional and if they fail to make the payments on the part (heloc) it will affect your score. If they do not make the 1st mortgage it should not affect you because you are not on that loan. If the property is going into foreclosure then it can have devastating affects on your credit long term. To remedy this you should look into refinancing it or selling it asap before foreclosure proceedings begin.

Thanks and hope this helps,
Jessica

Last edited by Yac; 01-07-2008 at 05:28 AM.. Reason: advertising not allowed
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Old 09-10-2010, 02:17 PM
 
1 posts, read 3,114 times
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Hi, I have two mortgages with the same vendor. I am current on the first and was in the process of a modification on the 2nd. The company sold the second in foreclosure in the middle of the process and did not tell me. Now the person who bought the 2nd wants to evict my family from our house. Do i have any options?
Thank you
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