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Can you obtain a home loan with a repossession on your credit report?

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โˆ™ 2006-08-15 01:43:15

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Absolutely, but poor credit scores result in higher interest rates because lenders of money consider you a bad risk. Once every twelve months you can get a free report on your credit from annual credit report .com : A gentleman who hosts a syndicated radio program from Atlanta, GA named Clark Howard has excellent resources at a link I will post here.

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โˆ™ 2006-08-15 01:43:15
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Related Questions

How will voluntary repossession of my home in Texas affect my credit?

The effect on your credit will depend on how the lender chooses to report it to the credit bureau. Sometimes a lender will be willing to report it 'paid as agreed' or 'settled' entry on the credit report rather than an actual repossession. If it is reported as an actual repossession or foreclosure it will be on your credit for seven years and negatively effect your rating.

How long does an auto repossession and a home foreclosure after stay on your credit report?


How can one obtain a credit report form Equifax UK?

One can obtain a credit report from Equifax UK by ordering it on their website. One can choose between seeing the report on their website, or having it posted to one's home.

How does reposession affect obtaining a home loan?

A repossession ruins your credit for 7 years. This will have an adverse effect on any loan you may try to obtain.

Does Home Depot report business credit to credit bureau?

does home depot report to credit bureaus? I am trying to rebuild my credit.

What are the consequences of a voluntary repossession of a mobile home?

Under US law as I understand it, any repossession is detrimental to your credit record. Both a voluntary repossession or a standard repossession have the same effect on your credit rating. Both will appear as repossessions, and either will result in a negative mark on your credit history. Any repossession will appear on a credit report for 7.5 years from the date of first delinquency. You will likely see your credit score drop significantly, as having a repossession in your credit history marks you as a credit risk. The only advantage that I see in doing a 'voluntary' repossession is that it may cost you less in legal fees. In general, I would encourage you to work with the lender to find ways of keeping your home and coming to some kind of agreement on reduced monthly payments, or even weekly payments which will involve a lower interest rate. Good luck with it.

What may a creditor do if you fail to pay credit card debt?

They can do a number of things: Take you to court and obtain a judgement. Once they have that they can garnish wages or confiscate property to obtain their money. Make a negative entry into your credit report, making it more difficult for you to obtain credit for additional credit cards as well as home and auto loans.

Can you buy a home with bankruptcy on credit report?


Can you get a home depot project loan with a credit score of 620?

It is possible to get a Home Depot project loan with a credit score of 620. Home Depot will pull a credit report to determine eligibility of a credit loan.

How would I be able to obtain a home loan if my credit is bad?

You may be able to still buy a home. Why is your credit bad? Do you have a down payment?

How do you get a credit report without a credit card?

There are actually plenty of alternatives. You can buy a home, buy a car, even some home utulities services will do it depending on where you live. Typically, if they ask for you SSN, then it will most likely appear on you credit report.

Where can one obtain a bad credit home loan with no down payment?

It is not possible for someone with bad credit to obtain a home loan with no down payment. They would need to have a 5% minimum down payment and collateral.

What kind of credit score will you need to obtain a home mortgage?

650 and above

Can one obtain home equity loans even with a bad credit?

It is possible to obtain a home equity even if one has bad credit. The process will be more difficult than if one had good credit. One needs to consider how long one plans to live in a home before even considering a home equity loan.

How do you find out how many credit cards are in your name I was told I have some and don't remember signing for?

You should pull your credit report. You could pull your credit report free on by going down to the bottom of the "Home" page and clicking here for a free credit report. And don't worry the credit report your pulling won't put an inquirie on your credit since it is a consumer inquirie and are allowed one annually as per "The Fair Credit Reporting Act".

How can one UK resident refinance a home with bad credit?

It is increasingly difficult to refinance a home or obtain a mortgage with bad credit. In the UK, it is possible to obtain something known as a bad credit unsecured loan. Unfortunately, these have a high interest rate and a relatively short repayment period.

How could one obtain a home loan in VA if they had bad credit?

You can always obtain a home loan in VA no matter how your credit history appears to be. No minimum credit score as well as no minimum income can offer great flexibility and relaxed standards even to people with significant economical difficulties.

Do bad credit reports make it difficult to buy a house?

Yes, a bad credit report can cause you to be either be declined for a new home purchase or to have a higher interest rate. Either way, a poor credit report can make it more expensive or impossible to purchase a new home.

Free Annual Credit Report: Check Your Credit For Free!?

The federal government is now allowing consumers to obtain a credit report once a year, absolutely free. This is meant to help consumers become aware of their debts and any negative aspects on their reports, while keeping themselves safe from identity theft. This free credit report includes information from the three major credit bureaus, TransUnion, Experian, and Equifax, and is a great resource that every consumer should be sure to take advantage of. Why Obtain A Free Annual Credit Report? By obtaining a free annual credit report, consumers can gain a better understanding of their current credit standing. A free credit report can help consumers become aware of any negative aspects on their reports. Once a consumer understands which aspects of the report he or she needs to improve, he or she will be more equipped to begin working toward better credit. In addition, by receiving a free report, consumers will be able to identify and correct any incorrect information on the report. Since a person’s credit history is so important when obtaining a home loan or any other loan, it is very important that all information on one’s credit report is correct. In addition, identity theft is a very serious, and unfortunately common, problem in the United States. Adding to the problem is the fact that many Americans are not aware that their identity has been stolen until it is too late and they are thousands of dollars in debt. By viewing a credit report at least once a year, Americans will at a greater advantage to catch and put a stop to any fraudulent activity. Do I Need To Check My Credit More Than Once A Year? If a consumer is working towards improving their credit, he or she may need to obtain more than one credit report per year. When regularly viewing their credit report, consumers are able to more effectively correct negative aspects of the report, while seeing how their efforts are making a difference. In addition, to further protect against identity theft, it may be advisable to obtain a report several times a year. This allows consumers to identify any fraudulent activity before an impostor has had a year to accumulate debt. However, if receiving regular credit reports is not an option, consumers may benefit greatly by simply receiving their annual free credit report.

Can a home lien affect your credit?

Yes, liens against real property are very damaging to one's credit score and can make it difficult to obtain future credit.

Can a vehicle repossession affect your credit bad enough to prevent you from being able to purchase a new home?

For any personal credit related concerns I recomment a website that I know has many very good answers to even the toughest questions. It is an 'ask' site directly on Experian's website which is hosted by Maxine Sweet, the V.P. of Public Affairs for Experian. You can get to the site from the following link: Repossession is a serious derogotary item on a consumer's credit report. Your credit score, credit rating or credit standing would be determined based on ALL of the information in your credit file, both positive and negative. Such a determination would reveal if you would be able to qualify for a mortgage loan.

Know Your Credit Score When Applying for a Mortgage?

Knowing your credit report credit score is the first step in securing a mortgage. When you are looking to buy your home, having a current, up-to-date copy of your credit report is essential in securing the best rates. By reviewing your credit report prior to applying for a mortgage, you will be prepared to clear up any past debts or errors on your credit report that could prevent you from getting a mortgage loan. Your loan officer will request a copy of your credit report credit score, so don't be taken by surprise when it comes time to apply for your loan.

Is a home equity line of credit payment reported to the 3 credit bureaus?

Every creditor can at their option report to none, one, 2 or all three credit bureaus. Generally speaking, most lenders report to all 3.

If you have a credit report what would be listed on it?

all your credit cards,home address and previous address,card you canceled and still have and how many years you had you credit cards and ect.

How can a person check their credit report?

It has become very simple for anyone to check their credit report from home. The fastest and simplest way is to go to free credit report. They will need personal information such as a social security number. From there they will do the work and allow you to view your credit score for free once a year. If anyone is trying to fix their credit they can pay a monthly fee and have access to it as many times as they wish.