| Loss Mitigation General Chat loss mitigation |
 |
03-08-2010, 12:32 PM
|
|||
|
|||
Can they raise my existing auto loan and credit card
interest rates due to my foreclosure? I am going through foreclosure on my condo. I know my credit is going to take a bit hit. I also currently have a credit card and a car loan but have never been late on any of those payments. Will my interest rates be raised on those because of the foreclosure?
    |
|
03-08-2010, 03:25 PM
|
|||
|
|||
|
Auto loan, no, as that is a fixed contract. Credit cards, possibly. Most of them pull credit reports periodically and will raise or lower credit limits or even close accounts outright based on the information on your reports. Despite the new laws, credit card companies CAN increase interest rates and close accounts. The only difference is that now, you have to receive 45 day advance notification.
|
|
05-13-2010, 03:28 AM
|
|||
|
|||
|
Re: Can they raise my existing auto loan and credit card
Most of them pull credit reports periodically and will raise or lower credit limits or even close accounts outright based on the information on your reports. Despite the new laws, credit card companies CAN increase interest rates and close accounts. The only difference is that now, you have to receive 45 day advance notification.
|
Linear Mode
