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Posted by ForeclosureFish on October 18, 2006 at 14:37:45:
In Reply to: Post Foreclosure posted by Ashly Autry on October 18, 2006 at 09:29:03:
His credit report should reflect that the loan was foreclosed on.
Depending on how much the property sold for at the sheriff sale, and if the lender pursues a deficiency judgment, he might still owe some money on the property.
Since he and his ex-girlfriend agreed to pay the mortgage company and broke their end of the agreement by having the home go into foreclosure, the lender probably will not be willing to give them any kind of break. They only got their money by suing your fiance and reselling the property after it went through foreclosure. That's not the primary business that lenders are in; they mainly just loan money for houses, not own properties.
The foreclosure will stay on the credit report for 7-10 years, but he may be able to qualify for a new mortgage within a couple of years. He will have to work on establishing a better history and save up a sizeable down payment for a new house, though. And he can expect to pay higher interest rates for any loans for the next few years.
[Edited on 10-18] Removed URL
