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Landlord Guide Loss Credit Rating
The landlord or rental property owner’s credit reports will reflect the foreclosure sale. Foreclosures will lower credit scores, damaging their credit rating. Many lenders will not extend credit to borrowers within 5 years following a foreclosure sale of their home. For example, FHA will generally not insure a new mortgage loan for 5 years following a foreclosure sale reported as part of the borrower’s credit record. Therefore, a “foreclosed-on” homeowner may not be able to obtain another mortgage loan for several years.
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Landlords and Rental Property Owners Guide to Loss of Credit Rating in Foreclosures is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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