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The damage to your credit score and how fast it recovers depends greatly on the rest of your credit history. Someone who has no other issues will rebound faster than someone who had other late payments or a lower score to begin with. If the foreclosure is the only issue, the score should begin to rise within a few months and may slowly recover to pre-foreclosure leves over the next couple years.
The score is separate from the actual foreclosure reporting as a derogatory item as far as obtaining new credit. It is possible to have an acceptable or good FICO score with a dated foreclosure on your credit and still not be able to get credit because of the derogatory item. The foreclosure itself will report for 7 years but it's impact on your score will less as time goes by.
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How long does bad debit stay with your credit?
It depends on your situation but a foreclosure for example will normally cause you to have bad credit for 7 years. Most of the time bad debit will stay with you 7 years, but may sometimes remain with you for as long as 11 years.
How can you stop foreclosure on your home equity?
Contact your bank as soon as possible to make arrangements to bring the loan up to current. Or, find a way to refinance the loan, which may or may not work if your credit is bad.
What is better a short sale or a foreclosure?
A short sale is always better. I will tell you why very definitively. When you purchase a home on a short sale you are helping a homeowner salvage their credit and dignity and helping them out of a bad situation. You are also preventing a large loss for the bank and getting a great deal for yourself. Everyone wins if it is done correctly. A foreclosure will have a very bad effect on a homeowner's credit and the bank will in most cases take a bigger loss than they would in a short sale. A sellers credit in a short sale will be damaged to a lesser extent than a foreclosure. In most circumstances if you have done a short sale you will not be able to get another loan for two to three years. In a foreclosure it is usually around five years before you can purchase another home.
Where can one get a home mortgage if one has bad credit?
One can get a home mortgage if one has bad credit from several different places. Some of the places that one can get a home mortgage with bad credit are: banks, and mortgage companies.
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 long does bad debit stay with your credit?
It depends on your situation but a foreclosure for example will normally cause you to have bad credit for 7 years. Most of the time bad debit will stay with you 7 years, but may sometimes remain with you for as long as 11 years.
Can you lose your general contractor license or your real state license if you have foreclosure in your credit?
You will not lose your general contractor license or your real estate license if you have foreclosure on your credit report. A foreclosure or bad credit is not a disqualification for these types of licenses.
What happens to your credit on a short sale?
A short sale will have a detrimental affect on your credit record but not as bad as a foreclosure.
Can I lose my house in Wisconsin because I have bad credit?
As long as you were given a mortgage and are keeping up the payments, you are not likely to lose it. However, if you fail to make payments on time, bad credit is likely to increase the chances of foreclosure.
can you buy a foreclosure with bad credit.?
If you nave all cash to pay for the foreclosure, and you are not trying to finance any part of the cost of it, then yes you can.
Are the rates for a bad credit home loan substantially higher than if my credit was good?
The better rates for borrowing in general are extended to consumers who have better credit. A bad credit home loan does not necessarily carry an excessively high rate of interest because those loans are government funded, and the government is not known for fiscal responsibility. In a discussion of "bad credit" mortgages, the issue is not about the rate of interest but about the ability to pay, In the majority of "bad credit" mortgages, foreclosure is nearly inevitable.
How long does it take to get home equity after bankruptcy paid off loans and you have bad credit?
The time it takes to get home equity paid off after bankruptcy and bad credit will vary depending on how bad the credit score. It will also depend on which lawyer and banks are involved.
Where can I find a bad credit home loan?
You can find a bad credit home loan at homecredit.com
How can you stop foreclosure on your home equity?
Contact your bank as soon as possible to make arrangements to bring the loan up to current. Or, find a way to refinance the loan, which may or may not work if your credit is bad.
What is better a short sale or a foreclosure?
A short sale is always better. I will tell you why very definitively. When you purchase a home on a short sale you are helping a homeowner salvage their credit and dignity and helping them out of a bad situation. You are also preventing a large loss for the bank and getting a great deal for yourself. Everyone wins if it is done correctly. A foreclosure will have a very bad effect on a homeowner's credit and the bank will in most cases take a bigger loss than they would in a short sale. A sellers credit in a short sale will be damaged to a lesser extent than a foreclosure. In most circumstances if you have done a short sale you will not be able to get another loan for two to three years. In a foreclosure it is usually around five years before you can purchase another home.
Where can one get a home mortgage if one has bad credit?
One can get a home mortgage if one has bad credit from several different places. Some of the places that one can get a home mortgage with bad credit are: banks, and mortgage companies.
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.
