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No - but you can rebuild your credit over time.
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∙ 16y ago
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Are you responsible to pay the mortgage after foreclosure?
No. The bank owns the house after foreclosure. But your credit report will take years to fix. Good luck.
Is it possible to buy a house if you've already had a foreclosure?
Yes, you can. If you show good credit worthiness after foreclosure. Usually two years after. With at least 3 new accounts and with 1 account with a credit limit above $3,000.00.
Is it better or worse for your credit to let the bank foreclose on a mortgage of a second property while facing bankruptcy?
A foreclosure or bankruptcy is never good for your credit, this is something you'd be better off discussing with an attorney. You can avoid foreclosure by filing bankruptcy.
How much foreclosure effect your credit rating?
A foreclosure will substantially reduce your credit score in the short term and will remain on your credit for 7 years. If you do not get into credit shock after a foreclosure and continue to add good credit to your profile, e.g. secure credit card and pay other bills in a time--you will see that it will not have as much affect on your score in about 24 to 36 months. Creditors are concern about what you have done in the last 24 months. Your credit score is rating in the following many: Your payment history is 35% of your score and the amount owed is 30%, the length of time you have your credit is 15%, so the older is the better, the type of credit is 10%, and new credit is 10%. It is best that you keep this in mind and do not continue to improve your credit after a foreclosure.
What are some good ways to avoid foreclosure?
The best way to avoid foreclosure is to prevent the filing of a Notice of Default. Lenders do not want to foreclose but will file a Notice of Default to protect their interests, if necessary.
How long will your credit be bad after a home foreclosure?
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.
Will credit card accounts in good standing be affected by a foreclosure?
That is a yes and no answer. No, the accounts won't be affected immediately. Yes, later they will. Ok, you won't lose the cards because of the foreclosure but as the credit card companies do run periodic checks on your credit you may find that they may lower or remove the credit line until such time as they feel safe to let you charge again.
What are the Repercusions of foreclosure?
My own home is in foreclosure (I am currently in the process of getting it out) and I can tell you from my own experience what the repercussions I have seen are. * My credit score is terrible (low 500's). It had been good (700's) before my foreclosure. * I cannot get any loans or credit. * The interest rates on some of my credit cards has jumped significantly. From the research I did, I found estimates that you would not be able to buy another home for 4 to 7 years. It stays on your credit report for at least 7 years.
Is it possible to purchase a different house with a foreclosure on your credit report?
It is possible, cash purchase, or substantial change in your ability to pay which would make the bank think you are a good credit risk. This could be in the amount of time since your foreclosure and maybe you have proved through repayment of another loan that things have changed since the foreclosure. Amount of time since foreclosure, repayment history, amount of credit, amount of debt are all items considered in your credit report which then gives you a score and the bank or mortgage company uses this to determine what kind of loan (rate and terms) you will get if any. All of this being said it is NOT easy especially in today's market.
How can you erase a foreclosure before 7 years?
You can't "erase" something off of your credit report. The best solution to not go into foreclosure. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first. Try http://www.speedyrealestate.info. Good luck!
I have recently been checking into condo's in Destin, FL. How long does the foreclosure process usually take?
A foreclosure can take weeks up to months to be completed. Applications have to be filled out and then processed by a bank. If you have good credit and a reasonable down payment, a transaction can be processed even faster.
Are good foreclosure investments still available in Colorado?
yes in colorado there are good foreclosure investments still available. you can check on this www.foreclosuredealscallyou.com
