judgment: Find Out The Effects of Foreclosure on Your Credit Report.
- 09/27/08 02:49 AM
In case there is a foreclosure situation in your locality, you must know what effects foreclosure can have on your credit report. Foreclosure activity usually starts off within 3-4 months after a homeowner has defaulted on his payments. In case the lender is able to foreclose a property and get it sold in an auction at a price that is lower than what the homeowner needs to repay, then the lender can ask the homeowner for deficiency judgment. This deficiency judgment will reflect on the homeowner’s credit report. Another impact that the foreclosure can have on the credit report of the … (3 comments)
judgment: Find Out How to File a Foreclosure.
- 09/26/08 03:01 AM
If foreclosure has left its mark on your neighborhood, then you must take interest in knowing how foreclosure is filed on a property. You first need to go through the system of foreclosure filing in your state as different states have different sets of laws for filing a foreclosure. Generally, it is the lender who has to initiate a foreclosure filing before the court. As soon as the lender files a foreclosure, a summons will be sent to you that will have the complaint of the lender. Along with that, you will also receive a notice saying that a foreclosure proceeding … (0 comments)
In case there is a foreclosure situation in your locality, you must know what effects foreclosure can have on your credit report. Foreclosure activity usually starts off within 3-4 months after a homeowner has defaulted on his payments. In case the lender is able to foreclose a property and get it sold in an auction at a price that is lower than what the homeowner needs to repay, then the lender can ask the homeowner for deficiency judgment. This deficiency judgment will reflect on the homeowner’s credit report.
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