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Credit Report News

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 Friday, October 15, 2004
Selling a home? Don't let the buyer wreck your credit report! When selling a home, the buyer's creative financing can get you in trouble if you don't do it right. A purchase "subject to the existing mortgage" means the mortgage is still in your name. The buyer can wreck your credit report if payments are not made on time.

The right way, if your mortgage allows it, is for the buyer to formally assume the mortgage. That way, you're off the hook. (Get professional advice on this, if you are unsure of the steps and implications!)
9:36:14 AM    

 
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