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Anyone ever have a foreclosure?
- Thread starter HardHat87
- Start date
Um, about the same as being dragged through the streets by an angry mob of Somali's.
cornfish
New member
unless you have a good amount of installment loans on your credit that you keep up with, you are kind of screwed for a bare minimum of 24 months. I do software for a real estate/mortgage company on the side and those guys are always laughing and saying how screwed people with foreclosure are. I have perfect credit and plan to keep it that way so i don't have a first hand opinion for you, but from the sounds of the water cooler talk at the mortgage office you are down for the count for at least 2 years and your next mortgage, if you get one, would be at a pretty high interest rate
jnevin
New member
You get fucked if you have a foreclosure. An NOD is damaging as well. lenders will see a short sale, NOD and a foreclosure as the same thing. Also, if you get out of it or need to go through with it and are able to re-establish credit and have your scores go up, you'd best keep making your payments. One late can take you from mid 600's to low to mid 500's because of the hit for the foreclosure. Buy what you can afford, not what you qualify for.
jnevin
New member
NOD is Notice Of Default, usually issued if there are multiple 60 day lates or if the loan goes 90 days late. "In leau of foreclosure" is basically a foreclosure. It's the same as a voluntary repo with a car. You can give it back instead of having it taken. Another thing is, the date the house is foreclosed on is not when you "start over" as far as rebuilding credit goes. You start over when the house sells and it's recorded. If you owe a lot on your house, or owe more than it's worth, it can take a long time for it to sell and it will be difficult to obtain financing for anything.
jnevin
New member
HardHat87 said:
If you give up your house in the BK, it's the same animal. Keep in mind that the new BK law that was passed requires half of the money owed to be paid back. I haven't read up on it too much yet, but it may work like a Chap. 13 BK and not be discharged until that money has been completely paid. You basically get fucked with an elephant dick.
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