Has anyone ever defaulted on an HML? Does the HML go after your personal possessions or do they just take the property?
Sorry to hear you are in defalt. There is a 70% Foreclosure bailout program available with a Stated income and they do not look at your credit… You can contact your mortgage broker or loan officer if you would like to look into it… Thank you, Michael
I’m not in default. I’m just trying to find out more about how hard money lenders work. Anyone else want to pipe up who isn’t selling anything?
im not trying to sell you anything… to answer you question directly, (if your not in defalt)… They can take the house but no personal assets.
Sorry for the misunderstanding. At first glance it looked like you were trying to get me into one of your programs…
So, does an HML default affect your credit score?
Yes, Unfortunatly if the debt is secured to you, It will bring down your credit scores… UNLESS the mortgage company does not report to credit agencies… There are some Sub-prime and Hard money lenders that do not report…