Legal Question in Real Estate Law in California
forecloser
my condo foreclosed in july 2008, how long does it take to effect my credit scores? But 8 months before it foreclosed i tranferred the title to an investment company to sell it for me, so the tiltle was not in my name at the time it foreclosed. The investment company told me it would foreclose on them and would not effect my credit, so far it has been 5 months and my credit scores has not change. i was told a forecloser drops your scores 250 points is that possible with the loan in my name
1 Answer from Attorneys
Re: forecloser
The facts you cite seem a little confused. If you sold the condo to someone, thus getting off title, you would have had to notify the lender and the buyer would have assumed the loan or it would be all due on sale. What did the lender do as to the loan that was secured by the condo? If you were left on the loan, then your credit would be effected because you have not paid the loan off and are in default on it. Your credit would be effected within a month or three of not paying the monthly loan amount.
You need to find out if you are still on title to the condo, are you still on the loan, wht is the investment company doing to sell the property, etc.
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