What happends to me if I have a HML lend me money on a deal, but I just can’t resell this thing. If they never pulled my credit, would it show on my credit as a forecloser. :-\
no…if you can’t make good the loan, the HML would get the property
Oh, thats it? But I bet they wouldnt give me more money huh?
Now, what about the HMLs that pull credit, will it show up then, if they foreclose? Do you know?
I don’t know…I’ll find out though.
Shouldn’t matter if they pull credit or not- what would matter is if they report to the credit bureaus which they probably won’t. However, if you have guaranteed the money by securing the financing with a mortgage on the house as opposed to a promissary note or no note, then the HML may go through foreclosure proceedings. If they do this, then it MAY show up on your credit, but again, unless the HML is reporting it, then the credit bureaus probably won’t know about it.