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The best of all worlds would be that you could either negotiate new payment terms or refinance so that you could keep the house. Or, that you sell the house before it forecloses for the amount that you owe. Both of these options require action on your part.
Otherwise, the foreclosure will go on your credit report, where it will remain for several years. New lenders will consider the time since the foreclosure and also the state of the other credit accounts in determining whether they will offer you a loan and at what rate.
What else can I help you with?
How much money does a person with good credit have to put down for a mortgage?
There are programs that will still do 100% financing. You will need to discuss this with a lender. If possible you will want to put 20% down on a home purchase to keep you out of the PMI (private mortgage insurance).
What are some of the consequences of bad credit?
Having bad credit can negatively affect a person in several different ways. A bad credit score will cause a person not to qualify for good interest rates when applying for a loan or mortgage and they will likely have to pay a premium rate. Many employers are now checking credit scores as part of their hiring process so a bad credit score can actually keep one from getting a job.
How do you keep good credit score?
pay off your debt
Can a person agree to keep on paying certain obligation such as a home mortgage?
If two people owe a mortgage and one agrees to pay it, the bank is under no obligation to free the other person from their obligations under the mortgage. If the person fails to make the payments both mortgagors will be held equally responsibility for paying the mortgage and in the case of a default it will be reported on both credit records. The answer is yes, a person can agree to keep paying a mortgage but their agreement will have no effect on the obligations of both mortgagors.
Should you close all credit cards since that FICO score is not needed to buy a house?
I am a mortgage broker. You need a FICO score to buy a home. If you have no credit, keep open at least one credit card so you can build some tradelines.
How much money does a person with good credit have to put down for a mortgage?
There are programs that will still do 100% financing. You will need to discuss this with a lender. If possible you will want to put 20% down on a home purchase to keep you out of the PMI (private mortgage insurance).
Will the bank allow the heirs to continue to pay mortgage after a parent dies?
The bank expects the estate to keep the mortgage current. They may allow the mortgage to be assumed if the credit rating of the individuals is acceptable.
Your credit report show your second mortgage being included in your bankruptcy you never re-affirmed the second mortgage do you still have to pay it?
Never get a second mortgage --- only if you want to keep your house. 2nd mortgagees can foreclose on you
What is the normally range for a bank mortgage interest rate?
The average bank mortgage interest rate is around 3.05 percent. Keep in mind that this may vary based on other factors such as your credit score and the amount of the mortgage.
Where can I find a good mortgage calculator online?
Homeloans.com has a good mortgage calculator. Keep in mind that these calculators do not include taxes and insurance. The calculations also depend on your actual credit rating.
Opposite of forfeit?
Three antonyms for forfeit are: gain, win, retain Alternate answer: default..... because if the other team forfeits you win by default
What are some of the consequences of bad credit?
Having bad credit can negatively affect a person in several different ways. A bad credit score will cause a person not to qualify for good interest rates when applying for a loan or mortgage and they will likely have to pay a premium rate. Many employers are now checking credit scores as part of their hiring process so a bad credit score can actually keep one from getting a job.
How do you keep good credit score?
pay off your debt
Can a person agree to keep on paying certain obligation such as a home mortgage?
If two people owe a mortgage and one agrees to pay it, the bank is under no obligation to free the other person from their obligations under the mortgage. If the person fails to make the payments both mortgagors will be held equally responsibility for paying the mortgage and in the case of a default it will be reported on both credit records. The answer is yes, a person can agree to keep paying a mortgage but their agreement will have no effect on the obligations of both mortgagors.
Should you close all credit cards since that FICO score is not needed to buy a house?
I am a mortgage broker. You need a FICO score to buy a home. If you have no credit, keep open at least one credit card so you can build some tradelines.
Is 751 a good credit scorae?
Very good. If that is your score keep doing what you're doing.
Would closing a credit card damage my credit score?
Yes closing a credit card can damage your credit score. But as long as everything else is good it should not affect you credit rating to much. Look for tips to keep a good credit card rating.
