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What effect does settling a mortgage debt for less than what is owed have on your credit?
Wiki User
∙ 13y ago
Typically when a borrower gets to the settlement stage, they are already between three (3) and six (6) months late. In 75% of situations, the lender has already sent a chargeoff transaction line to credit reporting bureaus, so for most people, the damage is already done (and will stay on the record for seven years).
Most lenders do not follow-up with the credit bureaus if a settlement is paid, so it is up to you to use the portion of the dispute to provide your side of the story. In this case, your note to the transaction line should include the date on which you reached a settlement and the date on which the settlement was paid.
Wiki User
∙ 13y ago
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Where is it possible to get a debt consolidation mortgage?
You can get a debt consolidation mortgage from mortgage brokers, commercial mortgage bankers, commercial banks, credit companies, online lenders, savings and loan associations.
What is the effect of your ability to get a home purchase loan if you are already a co-signer on another mortgage and the co-signed loan is in good standing and on your credit report?
If that debt is reporting on your credit, then it would affect your debt to income ratio, meaning the amount of debt you can carry. If that mortgage, even if it is good standing, shows a debt against you, you might not have enough income to cover both loans.
Can you loose home to credit card debt?
No. Credit card debt is unsecured and they can take nothing from you ever. They can only harrass and threaten and trick you into settling for a percntage of what you owe.
Is it wise to use a line of credit to pay the principal of a mortgage?
It is never wise to pay debt with debt. However, if the interest rate is lower on the line of credit you are not creating a problem you are just moving your debt from on instrument to another. A mortgage creates equity, so if you cannot pay the mortgage outright and need to borrow to do it, make sure the line of credit has lower rates.
Will settling a credit card debt hurt your credit asdfsdf?
NOT really. All I know is party is cats and raining dogs and mice and food
can i as a senior citizen get a grant to help free me of the debt that i have credit cards and mortgage?
can i as a senior citizen get a grant to help free me of the debt i have including credit cards and mortgage?????????
Where is it possible to get a debt consolidation mortgage?
You can get a debt consolidation mortgage from mortgage brokers, commercial mortgage bankers, commercial banks, credit companies, online lenders, savings and loan associations.
What is the effect of your ability to get a home purchase loan if you are already a co-signer on another mortgage and the co-signed loan is in good standing and on your credit report?
If that debt is reporting on your credit, then it would affect your debt to income ratio, meaning the amount of debt you can carry. If that mortgage, even if it is good standing, shows a debt against you, you might not have enough income to cover both loans.
What is more credit damaging Bankruptcy or settling a credit card debt?
Bankruptcy would be more credit damaging than just having large credit card debt, mainly because it stays on your credit report for longer. One of the biggest disadvantages of filing for bankruptcy is the lasting effect it has on your credit report- typically staying on your report for 7-10 years. With credit card debt there are more flexible options and obviously when you pay the debt and does not stay on your report for as long.
Can you loose home to credit card debt?
No. Credit card debt is unsecured and they can take nothing from you ever. They can only harrass and threaten and trick you into settling for a percntage of what you owe.
Where can I find information on mortgage debt relief?
Mortgage debt relief is an incredibly hot topic the world over. Generally, one should look into a credit repair type company for assistance in any type of debt relief, including a mortgage debt.
How do you get your mortgage payments counted on your credit score if you are on the deed but not on the mortgage?
Refinance the mortgage with you listed as a borrower. You will not be reported to the credit bureaus by being listed on the deed since you have no obligation to pay the debt.
Is it wise to use a line of credit to pay the principal of a mortgage?
It is never wise to pay debt with debt. However, if the interest rate is lower on the line of credit you are not creating a problem you are just moving your debt from on instrument to another. A mortgage creates equity, so if you cannot pay the mortgage outright and need to borrow to do it, make sure the line of credit has lower rates.
Will settling a credit card debt hurt your credit asdfsdf?
NOT really. All I know is party is cats and raining dogs and mice and food
Will settling a close credit card debt hurt your credit?
it would really depend on the age of the debt, if it is more than 6 months, leave it alone. By settling it it becomes current news not old and forgotten. It will make you feel better about paying your debts but will actually harm your credit score. You'll sleep better at night but your credit won't.
Can the bank you have a second mortgage with and a credit card with attach that credit card to your second mortgage after a person is deceased?
Once a person is deceased all debt is completely erased from that person's credit. If they own a home and do not have a will nor a co-signer of the home loan the government will take over the ownership of that home. If they have credit card debt, the debt is forgiven and no longer in existense.
Can a high credit card balance prevent you from getting a mortgage?
Your debt is always taken into account. If your income can handle the credit debt and the mortgage there should be no problem. High credit card balances do not mean bad credit. Late or no payments make bad credit. Your better off with a high balance on a credit card that you pay regularly than no credit at all.
