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How much do you need to put down on a home loan if you have a 2 year bankruptcy with a current reaffirmed car loan and no other credit?
The amount of a down payment would be the decisions of the lender. That decision would be based in part on your current credit history, and financial situation. Some lenders consider someone who has had a recent BK discharge as a good risk. The presumption being that the applicant is (or should be) almost debt free.
What else can I help you with?
What is bankruptcy refinancing?
Bankruptcy refinance helps homeowners who had bankruptcy or other credit matters get a home loan to find a payment assistance, and helps restore their credit while also achieving their financial security.
If a car loan was reaffirmed with notes current in a Chapter 7 can a credit union force a debtor to get other financing for the vehicle loan and then also force her to close her checking acct?
Credit unions have an unusual tool in their arsenals that's perfectly legal: They can revoke your membership (and ban you from rejoining) if you have ever "caused a loss" to the credit union--including discharging ANY debt owed to the credit union at ANY time. If she had another loan (NOT the car note) from the credit union before bankruptcy that was discharged, that's legal. If the car note was her ONLY debt to the credit union, it's probably improper; but I expect you'll need a lawyer to fight it.
What is on your credit report?
Lots of useful information, like: * your current credit score * to whom you owe money and how much (at the time when last info was gathered) * loan information and amounts * other pertinent matters like repos and bankruptcy's
Which hurts your credit worse bankruptcy or late payments?
Late payment will drive your credit score into the ground rapidly. Many people question filing a Bankruptcy even though their credit is shot through late payments on mortgages and other bills. Filing Bankruptcy put all collection activity on hold and your accounts show current and up to date as long as you make your payments on time. Most people are surprised tofine their credit in much better shape after a BK than before with a much higher credit score Late payments can always be corrected, and this will be reflected on your credit file. Bankruptcy, however, will stay on your credit file for six years.
If you are a co-borrower on a mortgage and the other co-borrower has just filed bankruptcy will this affect your credit rating?
Yes. I co-signed for an auto loan and the other borrower filed bankruptcy without notifying me. I was in the process of buying a home and before I went to settlement they pulled my credit again and her bankruptcy came up - preventing me from getting the house. So yes it will affect your credit because it will show up on your credit report that that person has filed for bankruptcy.
If you filed bankruptcy separate from your spouse and have a hard time repaying your reaffirmed debt does that count against you?
My guess is that late payments on reaffirmed debt(s) affect one's credit the same as late payments on any revolving credit. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
Will a co signers bankruptcy in Maryland effect your credit in pa?
If your co-signer has declared bankruptcy but you have not and are current on your payments it will affect your credit until the original loan is paid off regardless of what state you are in. Once that loan is paid off and your connection to the other persons credit is severed you will operate on your own credit score.
What is bankruptcy refinancing?
Bankruptcy refinance helps homeowners who had bankruptcy or other credit matters get a home loan to find a payment assistance, and helps restore their credit while also achieving their financial security.
You have a zales credit card it is a jewelry credit card can you file bankruptcy on this card along with your other credit cards?
Yes
If a car loan was reaffirmed with notes current in a Chapter 7 can a credit union force a debtor to get other financing for the vehicle loan and then also force her to close her checking acct?
Credit unions have an unusual tool in their arsenals that's perfectly legal: They can revoke your membership (and ban you from rejoining) if you have ever "caused a loss" to the credit union--including discharging ANY debt owed to the credit union at ANY time. If she had another loan (NOT the car note) from the credit union before bankruptcy that was discharged, that's legal. If the car note was her ONLY debt to the credit union, it's probably improper; but I expect you'll need a lawyer to fight it.
What is on your credit report?
Lots of useful information, like: * your current credit score * to whom you owe money and how much (at the time when last info was gathered) * loan information and amounts * other pertinent matters like repos and bankruptcy's
What is on credit report?
Lots of useful information, like: * your current credit score * to whom you owe money and how much (at the time when last info was gathered) * loan information and amounts * other pertinent matters like repos and bankruptcy's
Which hurts your credit worse bankruptcy or late payments?
Late payment will drive your credit score into the ground rapidly. Many people question filing a Bankruptcy even though their credit is shot through late payments on mortgages and other bills. Filing Bankruptcy put all collection activity on hold and your accounts show current and up to date as long as you make your payments on time. Most people are surprised tofine their credit in much better shape after a BK than before with a much higher credit score Late payments can always be corrected, and this will be reflected on your credit file. Bankruptcy, however, will stay on your credit file for six years.
If you are a co-borrower on a mortgage and the other co-borrower has just filed bankruptcy will this affect your credit rating?
Yes. I co-signed for an auto loan and the other borrower filed bankruptcy without notifying me. I was in the process of buying a home and before I went to settlement they pulled my credit again and her bankruptcy came up - preventing me from getting the house. So yes it will affect your credit because it will show up on your credit report that that person has filed for bankruptcy.
Can you file bankruptcy if you are current on your bills?
Yes, you can. If you are current, but struggling with credit card debt, medical debt, or other unsecured debt. If your income is less than the median family income for your state, you can probably file chapter 7. If over that amount, you may have to file a chapter 13. Consult an experienced bankruptcy lawyer in your area.
How much do you need to put down on a home loan if you have a 2-year bankruptcy with a reaffirmed car loan and no other credit?
I seriously doubt there would be much chance of securing a homeowner's loan given these circumstances. If it were at all possible the interest rate and down payment would be VERY high, regardless of the value of the property.
How do you fix a bankruptcy that you did not report?
A bankruptcy is not reported to the credit bureaus by the person who filed the bankruptcy. There are hundreds of operators of databases that collect information from public records and sell them to other institutions such as credit bureaus. Therefore if the bankruptcy is valid, it will be reported and placed in the public records portion of the consumer's credit report and will remain there for the required 10 year time limit. If it is a reporting error by the CRA the consumer should send a letter of dispute, with documenting evidence and demand the bankruptcy be removed from their credit report.
