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Guest
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Post subject: forecloser vs quick sale |
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| I know with a quick sale you have to pay taxes on the amount that is left that the new buyer did not pay. Do you have to pay anything if your property goes through foreclosure?? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10176
Location: Nevada
945.64 Dollars($)
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Post subject: |
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Hi Guest,
If your property goes into foreclosure, you would still be liable for the deficient balance resulting from the sale of the property. Moreover, a foreclosure would lower your credit score by 250 points and you won't be able to get a mortgage for the next 3-4 years.
Thanks |
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Curious
Guest
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Post subject: BK |
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| How does BK affect a credit rating - and for how long? |
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banker0679
Community Expert
Joined: 15 Nov 2007
Posts: 452
Location: Charlotte, North Carolina
19.27 Dollars($)
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Post subject: |
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All negative items stay up to 7yrs
With BK it maybe be better because it makes all the negative accounts UNDER the BK as UNRATED.
So instead of having 10 negative accounts...you'll have 1 acct as U or UNRATED
I had a borrower who didnt have 2 items listed as the U and when they changed it...his score went up
_________________
there's always hope!
"My credit score shot up 68 points!" |
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jbena
Guest
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Post subject: divorce |
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| Divorce exwife stayed with the house she lost the home due to a forecloser, divorce decree stated she stayed with the house. Would this affect my credit score. |
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banker0679
Community Expert
Joined: 15 Nov 2007
Posts: 452
Location: Charlotte, North Carolina
19.27 Dollars($)
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Post subject: |
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If your name was on the credit account, then unfortunately the answer is yes.
This means if she didn't refinance your name OFF the mortgage then your credit will get affected as well
_________________
there's always hope!
"My credit score shot up 68 points!" |
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devialmklov
Guest
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Post subject: Foreclosure after bankruptcy |
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| My home is in foreclosure and I had a bankruptcy 7 years ago in which I did not reaffirm my mortgage in the bankruptcy. My mortgage does not show up on my credit report. My question is: Will the foreclosre show up on my credit report after foreclosure since my mortgage was not reaffirmed? |
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banker0679
Community Expert
Joined: 15 Nov 2007
Posts: 452
Location: Charlotte, North Carolina
19.27 Dollars($)
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Post subject: |
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devia - possibly it can but if it hasn't showed up in 7yrs...then probably not
either way you will need to answer truthfully to the mortgage declarations which ask if you EVER had a FC ...even if it doesnt show up on your CR
_________________
there's always hope!
"My credit score shot up 68 points!" |
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regrett45
Guest
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Post subject: Foreclosure |
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I am praying for a buyer!!! I may be forced to let my 1 bdrm condo go into foreclosure (can no longer afford the taxes). The property has been on the market for 4 months.
If foreclosure is my last alternative, how long do I continue to pay the association fees? |
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banker0679
Community Expert
Joined: 15 Nov 2007
Posts: 452
Location: Charlotte, North Carolina
19.27 Dollars($)
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Post subject: |
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regrett - that depends on your HOA. HOA's are quick to act on Foreclosures...unlike banks that may take 1-2yrs
_________________
there's always hope!
"My credit score shot up 68 points!" |
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Chrissand
Guest
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Post subject: foreclosure |
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| I was clear of my debts by filing bankrupcy about a year ago, along with that I was planing to foreclosure on a property in Florida that I stop paying since my bankrupcy. however I apoke to the bank and they are willing to work a shortsale.Whould a shortsale have less impact on my credit or should I not bother since I alredy have the bankrupcy behind me? |
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banker0679
Community Expert
Joined: 15 Nov 2007
Posts: 452
Location: Charlotte, North Carolina
19.27 Dollars($)
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