2 responses to “How the for close process? Will the loan show in my credit for live or a limit time? ?”

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  mortgage underwriter April 18th, 2010 at 16:02

  BOYD

  They will both go after you. My guess the 1st mtg will go after you first. The late payments will start showing on your credit report at 30 days late. The foreclosure will show on your credit report at the time the bank gives you the move out notice (end of the foreclosure proceedings). It will show on your credit report for 7-10 years.

  Banks look at the last 2 years for late pays and 4-5 years for BK’s and foreclosures.

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  Ed Atun April 22nd, 2010 at 03:32

  HOWARD

  If you obtained both loans to purchase the house, the banks can take the home but that is all.
  If you refinanced or added the 2nd later, they have the right to go after you for any money they lost. They would get a judgement and you could never buy a new car for Zero % Financing Specials. It would take them 18 months to do it. That is why they seldom do it. But they could./