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Foreclosure can ruin your credit. When you apply for credit, lenders will look at your credit report. Foreclosure stays on your credit for 7 years. However this does not mean that you cannot get credit after foreclosure. You may not get credit immediately after foreclosure. However if you have taken steps to repair your credit immediately after foreclosure, lenders will be willing to consider your application positively. But you may have to pay more interest and provide collateral. Lenders understand that people go though financial up and downs. You must show that you have learned from your past financial mistakes. Even if you the general banks and lenders are reluctant to lend to you, there are lenders who specialize in lending to individuals who have been in foreclosure.
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The answer above should not be relied upon as legal advice. The information provided above is based on insufficient facts and only speaks to a general opinion based on those insufficient facts. No warranty is provided that the answer is correct. No attorney-client relationship has been formed with me until a signed written contract is complete. For an official opinion, it is advised you seek legal counsel.
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∙ 12y ago
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Could a pending foreclosure cause a bank loan to be declined?
Yes, if one got the loan after foreclosure proceedings began. When banks make credit decisions, they want to consider as much up-to-date information as possible. If a foreclosure is coming up but is not on the credit report, the bank may grant the loan. Once the foreclosure shows up on the report, the bank will conduct due diligence and see if they would have granted the loan knowing about the foreclosure. Most banks would not and will call the loan, making you responsible for paying immediately.
What does the term foreclosure mean?
The term foreclosure means that when a loan is not paid on time, the lender has the authority to take action on the collateral assets the borrower listed to secure the loan.
Will a foreclosure on a construction loan have the same effect as foreclosure on an existing home?
Short Answer: Yes. You signed paperwork on the construction loan that would be very similar to the final loan. They will foreclose and sell the house at a sheriff's sale.
What happens if when cosigned mortgage loan goes into foreclosure?
The foreclosure is reported under the names of the primary borrower and the co-signer. The co-signer is equally responsible for paying the loan.
If our house goes into foreclosure can the banks still get their money from you ?
foreclosure is a conditon where a lender (the bank) acquires title to and uses the value of the property to offset the outstanding balance of the loan. If your property goes into foreclosure you will LOSE ownership of that property but will also no longer owe the unpaid balance of the loan. This is called 'defaulting' on your loan.
Who do you contact when scammed on loan?
Personal loan for foreclosure
What is the Fannie Mae foreclosure law?
how many days delinquent before a loan goes into foreclosure
Could a pending foreclosure cause a bank loan to be declined?
Yes, if one got the loan after foreclosure proceedings began. When banks make credit decisions, they want to consider as much up-to-date information as possible. If a foreclosure is coming up but is not on the credit report, the bank may grant the loan. Once the foreclosure shows up on the report, the bank will conduct due diligence and see if they would have granted the loan knowing about the foreclosure. Most banks would not and will call the loan, making you responsible for paying immediately.
What does the term foreclosure mean?
The term foreclosure means that when a loan is not paid on time, the lender has the authority to take action on the collateral assets the borrower listed to secure the loan.
Will a foreclosure on a construction loan have the same effect as foreclosure on an existing home?
Short Answer: Yes. You signed paperwork on the construction loan that would be very similar to the final loan. They will foreclose and sell the house at a sheriff's sale.
What happens if when cosigned mortgage loan goes into foreclosure?
The foreclosure is reported under the names of the primary borrower and the co-signer. The co-signer is equally responsible for paying the loan.
Is surviving spouse liable for foreclosure in Pennsylvania after death of spouse?
If the loan was in both of your names, yes. That is your foreclosure also.
If a loan was in foreclosure when property was sold how will it report to credit bureaus?
It reports that it was previously in foreclosure and is now paid-in-full.
If our house goes into foreclosure can the banks still get their money from you ?
foreclosure is a conditon where a lender (the bank) acquires title to and uses the value of the property to offset the outstanding balance of the loan. If your property goes into foreclosure you will LOSE ownership of that property but will also no longer owe the unpaid balance of the loan. This is called 'defaulting' on your loan.
Does home foreclosure effect your ability to get a federal stafford loan?
No, it does not
What happen to second loan after foreclosure?
They only foreclose on the 1st loan. The 2nd will go as a charge off as bad debt. They may sue you to get a judgment on it. I had an 80/20 loan and on my credit the 80 loan was only showing as foreclosure, the 20 was coming up as charged off
Where can one get a loan to stop a home foreclosure?
When facing foreclosure, the first thing to do is to try to get a loan from your current lender. If that fails, try getting a loan from other lenders such as Fannie May and Freddie Mac. If that fails, turn to private lenders.
