repurcussions of foreclosure with private lender


Posted by Karolina Short on September 23, 2007 at 16:43:51:

My partner and I have been making payments to a private lender for 2 years, but it does not make sense to continue. We are letting the private lender proceed with the foreclosure. My concern is my credit. Will this foreclosure be reported on my credit report? The house was in my name and in the name of my partner's corporation. I deeded the property to my partner, but the mortgage with the private lender is still in my name and in the name of my partner's corporation. How badly will this damage my credit? Is there any way to discourage the private lender from reporting thie foreclosure? Is this type of foreclosure at all different from a regular bank foreclosure?

Thanks so much!


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