Foreclosure

There can be no specific answer, as credit scores are based on the person's entire credit history.

A foreclosure will typically remain on your credit report for seven years.

Was it a Chapter 7 filing? Generally a 7 is dismissed due to the trustee or judge deciding the debtor has means to repay at least a portion of their debt(s). Therefore, the party involved can file a Chapter 13 which is a consolidation BK rather than a liquidation BK. Before a concise determination could be made, the reason(s) for the bankruptcy dismissal would need to be examined.

The first answer was pretty staright and to the point, but I feel you need to have a little more info. You need to call the Tennesee Department of Banking and ask them. You do have to pay a deficiency but they can tell you what the lienholder has a legal right to collect. There is a better answer lurking in your collection of paperwork for the loan. THE CONTRACT. You already agreed to certain fees, ect. being added to any balance due should repossession occur. You see, this is NOT the lenders first rodeo. Nor are you the first to be repoed. This process has been tempered and refined for about 60 years. Most states are the same as to what can and cant happen in the process. If one state became toooo PC or in favor of the debtor, the lenders would naturally tend to avoid lending in that state. Point blank, you could owe any or all of the following that remains after the resale of the vehicle:

* The unpaid, outstanding balance of the principle. * Late fees accrued on the account. * Repossession fees. * Storage fees for the recovered vehicle. * Collection fees accrued in an attempt to recovered unpaid balances. * Legal fees accrued in an attempt to recover the unpaid balance. * Court fees as a result of judgment. * And, in the event you are reclaiming any personal property left in the vehicle when it was taken, a property recovery fee.

Foreclosure and eviction laws vary from state to state, so the answer to this question might be different in each state. In you were in California and you were the borrow/owner, the new owner could serve you with a 3-Day Notice to Quit at any time after the foreclosure sale. If you did not voluntarily leave, then the new owner could file an eviction lawsuit against you and eventually have the local sheriff remove you involuntarily. This process could take up to a month, sometimes more. The laws of your state might be different.

I would think the bathroom has leaked....alot of pipes to a bath, could be any of them. At least you know, now you can fix the problem, and use Kilz to paint with it does cover mold and mildew. The worst problem is not fixing the pipes, but fixing the resultant damage. It is possible that there is a lot of rot and mold. We had a problem in one of our baths where it leaked below. He had a contractor cut a hole in the ceiling and test to make sure everything is OK. Answer The mold may need to be tested to be certain that it has not spread to other areas and has become a health hazard. Have a qualified home inspector look at the house before you finalize. You'll be glad you did.

They will try and get the balance from you either through the courts or thru negotiations with you.

In very broad terms, the judgment creditor can apply to the court for a writ of sale and have the sheriff sell the property at a public auction. The exact time line will vary by state and will depend on whether or not you are entitled to a deficiency judgment. For example, California has two different time lines. If a deficiency judgment is not available or the creditor waives the right to get a deficiency judgment, then the sheriff gives 120 days notice of levy and 20 days notice of sale. if there is the right to have a deficiency judgment, the sale occurs after 30 days but the owner has a 90-day right of redemption.

this may be very difficult. You might have better luck talking to your attorney and getting back into a new BK 13. After some time you may be able to refi.

First, you need to pull all 3 credit bureau reports....not a 3 in 1....go to each credit bureau, equifax, experian and transunion, and get a credit report. Second, look for items that are old, outdated, reported wrong, not yours etc, at which point, you dispute those items. If the credit bureau contacts the company you are disputing and they do not resopnd within 30 days, by law, the item has to be removed. This will help your score significantly. Make sure you DO NOT pay any bills past 30 days, and if you have no credit cards, get one or 2, even if you have to secure them, keep your balance low, but use the card. They want to see responsibility, but also a low debt to income ratio. So if you have a credit card with a 10000.00 limit and you have it at a 10000.00 balance, that brings your score down. If you have a 10000.00 card and a 100.00 balance, that keeps your score high. Furthermore, DO NOT apply for credit from various places. The inquiries will kill you. If you keep up with this for about a year, you will be pleased with the results. If you think you are ready to purchase a home, call lenders, explain what your scores are, how much you want to spend and give them all the info, explain that you don't want to waste your time or theirs, so WITHOUT pulling a credit check, do they think they can help you.........tell them you don't want the inquiries since it will bring your score down. Any decent mortgage broker will understand, and will respect that. SO brief recap.....check all 3 CB's, Dispute any INACCURATE info (something as small a $20.00 error is disputable), make sure you are not being reported more than once for the same debt, no late pays, 1 or 2 cards, use responsibly (even if just for gas and pay it off each month) and NO INQUIRIES. Your score is not that bad......just alittle more to go, and you will se a difference in the next year. You will have to saty on top of it, and you will become VERY frustrated, but the end result is wonderful! Good luck!

You must wait until your Chapter 7 is discharged before entering into any financial obligation such as a loan, land contract or purchase agreement. This also includes the purchase of vehicles and merchandise.

The bank is exercise it's right to sell the house in lieu of coming after you. In most states, you would need to file a foreclosure lawsuit and have a court-ordered sale before the lender could sue you for any deficiency.

Adding: It is not uncommon that someone failing to pay any one debt is also delinquent on others. And everyone will be trying to be repaid by using any means possible, including forcing the boworrer to sell assets. A mortgage essentially secures the debt to that property, so that lender has first dibs on recovering his loan by receiving the proceeds of forcing sale of that asset.

However, forclosing (or forcing the sale) takes time and money. Especially if you fight it. And if the lender doesn't recover enough to repay all the costs, interest fees, etc. (a deficiency) he may try and seize another asset you have too.

In a deed in lieu of foreclosure you basically say (or should) - I will cooperate and hand over the asset now, as payment in full for the debt. Since it would pay off the entire debt, there would be no basis for the lender to force sale of another asset.

yes, unless the co-signer claims bankruptcy

When I went through this they told me seven years, but it gave me trouble til 10 years to the day. At ten years and one day, it was like the world re-opened. the old loan which was in foreclosure, should show up as paid zero balance since you refinanced it. The loan and all of your late payments will still show up for 7 years.

The answer will vary on a case by case basis, so you might consider consulting with a lender if you are thinking about getting some type of financing. A foreclosure stays on your credit rating 7 years and a bankruptcy will stay for 10 years. if the foreclosure has been completed, a bankruptcy might hot help your situation unless the creditor is coming after you for a deficiency judgment. On the other hand, you might have bad credit because of other debts that might be dischargeable in bankruptcy. Get a copy of your credit report and then talk to a lender. For tax purposes, there's a huge difference between the two: One very important thing to keep in mind is that a foreclosure will result in the amount of the writeoff being reported to the IRS as income. The lender would send you a 1099-A (Acquisition or abandonment of secured property) and/or a 1099-C (Cancellation of Debt) at the end of the year, stating the amount of the debt that was written off. You would then have to include the amounts as additional income on your tax return ... imagine suddenly having to pay taxes on an additional $140k+! Amounts discharged as a result of bankruptcy are not reported as income on your tax returns. The 1099 will still be sent out, but the very important box "Check for Bankruptcy" will be marked.

They can try and garnish your wages(if your working)or they will work out a payment plan with you for the remainder or a portion of the outstanding balance.One option you have is to declare bankruptcy to clear your debts.You cannot be thrown in jail if you cannot pay.

Foreclosure notations can appear within the account listing itself, called a "tradeline" and the actually legal filing of foreclosure can appear within the public records portion of your credit report. Any tradelines with derogatory information are shielded from view after 7 years. The legal entry can appear for 7 years from the date of filing.

I spoke with a lawyer...Voluntary foreclosure could be better because it would only be 1 hit on your credit instead of having to go 180 days past due. You can offer the deed to your house if the bank will take it to prevent the bank from placing a judgment for any amount uncollected at the sale.

7 years + 180 days from date of first delinquency.

No and yes. NO if you re-establish your cedit after 2 years. Usually with 3 more credit lines, with at least 12 months excellent payment history and i credit line over $3000. This will generally increase your credit to the mid 650's.. from experience. YES if you continue to make the same poor credit choice. So be careful and please do establish new credit but very wisely.

The documents that are on file with the local recorders office are permanent, so it will always remain "public record" in that sense. On the other hand, most negative information on your credit report must drop after 7 years and that is probably the question you intended to ask.

Yes, it is possible to refinance your home while in an open Chapter 13, if your credit score meets the company's requirements. Also, a max 80% loan to value on your equity will be used to make sure you have enough money in your home to cover closing costs. There are also programs available that do not have score requirements and also allow you to payoff the remaining balance. If you need assistance go to www.1800PFG.com.

no the co-signer will have to make payments or they will be removed from residence.

Possible, but you would need: Equity in the house above the existing leins and good enough credit to qualify for another loan. Which if you aren't making your existing one, can be a hurdle, especially at any thing like market interest rates. The new second mortgage (Equity lender) will liklely insist the funds be used to make the first loan, and other debts, current. Probably as part of a repayment plan.