Sorry this has happened to both of you, you just try to help someone out and get the bad end of things, it just shows that people don't take ownership or responsibility, sad, hope they don't need your help again huh. Hope this all works out for both of you and that you can sell the homes and recover you money and keep your credit in tact. goodluck.
Posted: Fri Mar 14, 2008 11:43 pm Post subject: RE: foreclosure affects credit
Hi Cowlovinmom,
Welome to the forum.
Foreclosure does have a negative effect on one's credit at least for the first 2 years and lower the score by 150-200 depending upon other factors. However, the effect dies down with time and even if it remains on the credit report for 7 years, it is not considered as a part of the borrower's credit rating.
That is a big hit 150-200. I am glad to see it isn't held over your head forever. I wish the best for anyone going through foreclosure. I haven't been there myself but since getting a home equity earlier this year and having a larger payment it makes me nervous to think about how it can happen to anyone. That does bring me to a question. We took out all the insurances on our loan but with in a week started getting advertisements from mortgage protection centers. We were assured at the bank we were covered so why is everyone else sending out applications to us now? The one says you may thinl your protected but...and goes on to list some scary stuff. Is bank insurance good enough?
Well i suppose the bank insurance is a reliable policy.
Quote:
We took out all the insurances on our loan but with in a week started getting advertisements from mortgage protection centers.
You mean you have taken out insurances like the PMI, Homeowners Insurance and then again you're receiving requests for applications, is that so? that's strange enough! _________________ Procrastination is the enemy of your financial sucess
Posted: Tue Mar 25, 2008 10:08 am Post subject: forclosure
I have a house in my name and added my husband on the deed after. It seems we may go into forclosure. I will also need to bankrupt. Will any of this affect my husbands credit or will he be affected at all? Thank you.
Filing bankruptcy should be your last option to choose to avoid foreclosure. First of all talk to with you lender ASAP and see if there is any other options like forbearance or mortgage modification available for you to avoid foreclosure. If you cannot afford these options then try to go for short sale.
If you file BK then it will have huge negative effect on your credit. Your husband's credit will also be affected.
Feel free to ask if you have any further questions.
Please make sure there are no other alternatives out there before taking such a drastic measure. It will effect both of your credit and that makes things more complicated becasue you won't have a good crfedit score to fall back on. Check and see if there are any programs offered in your area for people in your situation. They may help you out. Good luck.
It will stay on your record for the next ten years, you will regret it for a long time to come, really do your research and see if there are other options before you decide to do this, what ever you choose it will not be easy, but bankruptsy is and should be the last resort, seek out other options.
It really should be the last result. Unless they changes some law a bankruptsy will only show for seven years. Quite a long time ago (at least it seems that way) I had to do this myself. It was not an easy decision to make but one that had to be done. My first husband was diagnosed with kidney cancer and with in 6 months passed away. I was sruggling to keep everthing up with a little child and the stress from the bills and his death almost put me overboard. I did what I had to do because if not my son would have lost to parents..one to death and the other to insanity. With things going the way they are today you got to feel bad for someone in this situation. You pay soo much more for the same things from your paycheck that you can't even catch things up once they get behind and sometimes you have to choose between paying a bill or feeding your family. Hope someone gets into office and straightens out this mess.
I think that bankruptcy will become more common with todays economy, people can not afford things that are essential to everyday life, as people go to work everyday, two parent households both at work and single parents working two jobs and they still can not afford lifes everday needs, more and more people will find themselves in this boat, they have no choice but to file it. Ruin their credit or not.
You said it their jbarto. My husband and I both work and there never seems to ever be any money left. I wish gas prices would go down. I know that is what eats up mu hubbys check after paying bills. Mine goes to tires, taxes, household, and since moving..excavators,grass seed, credit card debt. I just sometimes think if we even had half the money we pay out in gas I could get so much more taken care of finacially. It is sickening that it takes $60 for a half tank of gas.
The answer of your question is NO. If the property is already foreclosed then you are no longer the owner of the property. But the owner of the property can only quitclaim. So after the foreclosure you cannot quitclaim it to anyone.
By the way has your property already been foreclosed? If not then try to avoid it. Contact the mortgage company and inform the reason. The company may provide you some solution.
Keep us posted and let me know if you have any further questions. _________________ Good is the Enemy of Great.
jbarto65
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