Once that property is foreclosed, this can give a negative effect on a seller that could follow them for a long period of time.
The foreclosure of the seller’s property will show up on their credit report for the next 10 years. That is a huge impact on their ability to qualify for any kind of financing, but particularly for mortgage financing.
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Scott Paton:
Is the seller at any risk, if the deal falls through? Running out of time and they get foreclosed, we were trying to help them after all.
Lou Brown:
Absolutely they're at risk. Once that property is foreclosed, then that's going to show up on their credit report for the next 10 years. So that is a huge impact on their ability to qualify for any kind of financing, but particularly for mortgage financing, what mortgage lender wants to quickly lend to somebody that's been in foreclosure and has already lost a property in other words, impacted another lender and cause that lender potential harm and costs. So absolutely, they have a negative impact that could follow them for a long period of time. So you coming in and helping them out, but make sure of your numbers, make sure that you understand what you're getting yourself into, make sure that you can make those payments.
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