How does a charge past its sell-by date from a mortgage effect your credit?
I recently sold a home thru a short sale. How will this charge bad effect my credit?
Answers:
at hand are alot of mortgage qualifications guidelines are being rewritten as we speak. as it stands you cannot attain a unknown mortgage until its been 2 - 7 years with reestablished credit.
You didn't remuneration as agreed, therefore no other mortgage company will touch you fro years, regardless of how high your credit win gets. There are some things that are just red flags for lenders and this is one of them.
First off, I hope no one tried to access the net site link that another poster had posted, it be a phishing site for porn.
Now to your question, your score will purloin a large hit but you should be more concerned regarding the IRS obligation. Most creditors will file a 1099c if the amount charged off exceeds $600. This technique you would have to report the charged off amount as income for the year. So breed sure when you file taxes that you talk to the mortgage lender to see if they did folder a 1099c. Also consult with the broker who handled the public sale.
Hope this answer is of help to you
LEGAL DISCLAIMER: The answer provided here is intended for informational purposes only. It is not intended nor presumed to be legitimate counsel or professional legal advice
It won't be obedient.
Related Questions:
Mortgage for poor credit?
I am trying to buy a home, but have a poor credit score of nearly 520. Does anyone know of someone that will finance a first time home buyer with such a low credit rack up? I do have a stable job that i own been at for almost three...
Answers:
at hand are alot of mortgage qualifications guidelines are being rewritten as we speak. as it stands you cannot attain a unknown mortgage until its been 2 - 7 years with reestablished credit.
You didn't remuneration as agreed, therefore no other mortgage company will touch you fro years, regardless of how high your credit win gets. There are some things that are just red flags for lenders and this is one of them.
First off, I hope no one tried to access the net site link that another poster had posted, it be a phishing site for porn.
Now to your question, your score will purloin a large hit but you should be more concerned regarding the IRS obligation. Most creditors will file a 1099c if the amount charged off exceeds $600. This technique you would have to report the charged off amount as income for the year. So breed sure when you file taxes that you talk to the mortgage lender to see if they did folder a 1099c. Also consult with the broker who handled the public sale.
Hope this answer is of help to you
LEGAL DISCLAIMER: The answer provided here is intended for informational purposes only. It is not intended nor presumed to be legitimate counsel or professional legal advice
It won't be obedient.
Related Questions:
Mortgage for poor credit?
I am trying to buy a home, but have a poor credit score of nearly 520. Does anyone know of someone that will finance a first time home buyer with such a low credit rack up? I do have a stable job that i own been at for almost three...