*Credit & Mortgage Questions*?
To make a long story short, my house is about to foreclose (I moved out during a divorce & after my husband bailed, so the house is vacant) & I'm living in an apartment with a lease. I am thinking just about going back so it doesn't foreclose & just breaking my lease. (I get the message that in both instances, my credit is taking a hit.) My first question is, if the house does foreclose, will I ever be capable of buy a house again? I'm 26. If it matters, just assume that my credit up to that time & after the foreclosure is perfect. If the bank doesn't receive their money back on the house, they will sue me for the difference. Do I have to label good on that before I can buy another house contained by 14 years? Or will it just be wiped away no situation what after 7 years? Also what are the real rules about how long a debt stays on your credit? I've hear of a 7 year rule IF you make good on the debt. Then it stays on your credit still for 7 years. If you NEVER create good on it, it stays forever. Is this true? If not, what is correct & please tell if you're massively sure or not so sure. Website links would be fantastic.
Answers:
first of adjectives 4 years after you can buy again. Try selling the home if you cannot get the house redeemed surrounded by time or if the foreclosure is going to happen then you will bring a balanced owed and if unable to payment then it will go to collections and the lender can sue or frills wages etc. You may look at a chapter 7 with the foreclosure wrapped in so after 4 years you are angelic to go again. If the loan was an FHA file you will not get another government loan as your signature with the fed is forever disqualified from any of their loans
I am a mortgage banker in TN & KY
Contact a actual estate attorney and explain your situation.It will cost you a bundle with the attorney fees but they might be able to reclaim your home. President Bush is in the process of signing a bill that could save thousands of homes going into foreclosure. Source(s): Retired bill collector 35 years
Good Afternoon,
A member of our Networking Community, Chris Griffin, specializes in credit and financial services. I'm sure he could head you in the right direction. You can Visit Chris's profile and contact him at:
http://homebizconnection.ning.com/profile/ChrisGriffin
I hope I've been of some assistance.
Charles
Related Questions:
Which bank hold out 90% LTV mortgages for smaller number than foolproof credit?
No one offering 90 LTV if you don't have good credit ...singular know that most are offering 75 LTV for less than perfect credit at the moment...skulk a while. hmmm close to my case.but i cannot really tell, newly try...
Answers:
first of adjectives 4 years after you can buy again. Try selling the home if you cannot get the house redeemed surrounded by time or if the foreclosure is going to happen then you will bring a balanced owed and if unable to payment then it will go to collections and the lender can sue or frills wages etc. You may look at a chapter 7 with the foreclosure wrapped in so after 4 years you are angelic to go again. If the loan was an FHA file you will not get another government loan as your signature with the fed is forever disqualified from any of their loans
I am a mortgage banker in TN & KY
Contact a actual estate attorney and explain your situation.It will cost you a bundle with the attorney fees but they might be able to reclaim your home. President Bush is in the process of signing a bill that could save thousands of homes going into foreclosure. Source(s): Retired bill collector 35 years
Good Afternoon,
A member of our Networking Community, Chris Griffin, specializes in credit and financial services. I'm sure he could head you in the right direction. You can Visit Chris's profile and contact him at:
http://homebizconnection.ning.com/profile/ChrisGriffin
I hope I've been of some assistance.
Charles
Related Questions:
Which bank hold out 90% LTV mortgages for smaller number than foolproof credit?
No one offering 90 LTV if you don't have good credit ...singular know that most are offering 75 LTV for less than perfect credit at the moment...skulk a while. hmmm close to my case.but i cannot really tell, newly try...