Re: Default on mortgage taken subject to by me, will it tarnish my Credit report? - Posted by Ed Garcia
Posted by Ed Garcia on December 26, 1999 at 12:50:52:
Based on the information you have just given us, NO, a default would not count
against your credit. However it will effect the sellers credit that sold you the house.
Sometimes when doing a deal Mike, we have an unwritten obligation or moral obligation
if you will, not to hurt those people that we do business with.
Now I realize that the seller was a big boy when they took the chance on you and let you
take over their loan, still leaving it in their name. But it’s also obvious that they trusted
you, because you convinced them that you were honorable.
I urge you, that before you let this property go back, you give the party who’s name is
on the loan, an opportunity to redeem this property and their credit.