Foreclosure anyone ?
Foreclosure anyone ?
Has anyone ever foreclosed on a mortgage ? I need information. How long before they evict me ? How many points come off my credit rating report ? Will I ever get another home loan ? To get another home loan would I have to put 50% down ? Any info would be appreciated. Thanks, G.
Member
Joined: Dec 2006
Posts: 65
Likes: 1
From: Austin TEXAS
RE: Foreclosure anyone ?
It's not just the points on your score (I was an engineer at Experian). It's the public record that shows up. You can have a mediocre score (mid 600's) and with that public record be hosed.
Some places don't care as much as others. FICO has some new rules that might affect the score more but any way you look at it it's going to be hard to get credit especially with the way banks are tightening the rules.
Some places don't care as much as others. FICO has some new rules that might affect the score more but any way you look at it it's going to be hard to get credit especially with the way banks are tightening the rules.
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Posts: n/a
RE: Foreclosure anyone ?
Mate... you obviously are in a bind..
I have quite alot of experience with these problems , but I cannot assess your problem without a little more info..
Are you working?
Your income ?
How far are you behind ?
How much other debt are you carrying ?
Who holds the mortgage ?
How much equity do you have left in your home ?
It can seem impossible sometimes , but their are ways to avert these situations if caught quickly enough..
Feel free to PM me.... if you do not want to post this stuff mate ..
I have quite alot of experience with these problems , but I cannot assess your problem without a little more info..
Are you working?
Your income ?
How far are you behind ?
How much other debt are you carrying ?
Who holds the mortgage ?
How much equity do you have left in your home ?
It can seem impossible sometimes , but their are ways to avert these situations if caught quickly enough..
Feel free to PM me.... if you do not want to post this stuff mate ..
Member
Joined: Sep 2008
Posts: 35
Likes: 0
RE: Foreclosure anyone ?
I won't say who but, I work for a major bank as a loan officer and right now our policy says withing the past seven years for a foreclosed property we won't be able to do a loan(purchase, refi, nothing). If letting the home go is the only option you have then you have to do what you have to do but I honestly tell people to talk to someone in there area before that about bankruptcy cause you get to keep the house. It will be near impossible to predict what mortgage companies will require to purchase when your time comes again but you can bet on them being extremely skeptical about you as a barrower.
Sucks bro...
Sucks bro...
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Posts: n/a
RE: Foreclosure anyone ?
ORIGINAL: trippleh
I won't say who but, I work for a major bank as a loan officer and right now our policy says withing the past seven years for a foreclosed property we won't be able to do a loan(purchase, refi, nothing). If letting the home go is the only option you have then you have to do what you have to do but I honestly tell people to talk to someone in there area before that about bankruptcy cause you get to keep the house. It will be near impossible to predict what mortgage companies will require to purchase when your time comes again but you can bet on them being extremely skeptical about you as a barrower.
Sucks bro...
I won't say who but, I work for a major bank as a loan officer and right now our policy says withing the past seven years for a foreclosed property we won't be able to do a loan(purchase, refi, nothing). If letting the home go is the only option you have then you have to do what you have to do but I honestly tell people to talk to someone in there area before that about bankruptcy cause you get to keep the house. It will be near impossible to predict what mortgage companies will require to purchase when your time comes again but you can bet on them being extremely skeptical about you as a barrower.
Sucks bro...
If you have some equity, a capacity to pay down arrears , or some prospect recovery over time from any number of means ...you can avoid liquidation mate ..
Have you had any financial advise from debt management experts yet????
Guest
Posts: n/a
RE: Foreclosure anyone ?
ORIGINAL: TheX
Bankruptcy stays on your credit report for 10 years (seriously) but it is less of a hit than the foreclosure.
Bankruptcy stays on your credit report for 10 years (seriously) but it is less of a hit than the foreclosure.
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Joined: Nov 2007
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RE: Foreclosure anyone ?
Man, it is sad that this is happening to so many people. I feel bad for you guys. They just laid off like 10 people at my place of work last night and it scared the crap out of me. You could say that reality hit me.