Posts Tagged Real Estate
7 Secrets to Obtaining Business Credit
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Elmer
How do investors handle real estate ownership with multiple mortgages?
Posted by admin in Renting & Real Estate on January 3, 2010
I own a couple of fourplexes in Los Angeles. I want to purchase more (another this year while prices are slashed, maybe one more next year), but I know it affects my credit to have a lot of mortgages under my name. But I’m sure the banks who hold the mortgages won’t be ok with me just transferring them out of my name (and off of my credit report), especially now. How do small RE investors handle this problem? How do they get the mortgage liability off of their personal credit?
DANIEL
What are the specific facts related to real estate short sales and your credit report?
I have researched this topic as thoroughly as I can. I am aware of all the anectdotal evidence out there that range from it being no different from a true foreclosure to just a short term blemish in the range of 100-200 points on your credit.
If you have direct, personal experience with credit reporting guidelines, can you please respond? I need to understand exactly how this shows up on the credit report, its effect on your score, and how long it lasts and why (if it lasts less than 7 years). Please assume no late payments on the borrower’s part and no deficiency judgment sought by the bank against the borrower.
Thanks!
Thanks for the response- the formula provides great detail. Would the short sale be considered a foreclosure line item?
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