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fireyone_02
Joined: 20 Mar 2008
Posts: 281
2.17 Dollars($)
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 Posted: Fri May 23, 2008 7:59 pm Post subject: |
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| Niicss is right. After foreclosure starts its pretty much over with. Good luck |
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erb1953
Joined: 24 May 2008
Posts: 79
0.19 Dollars($)
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| Posted: Sat May 24, 2008 10:36 am Post subject: |
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Credit effects of a foreclosure can be devastating to your credit report and many other aspects of your life. It will make your score drop many points and stay on there for a long time to come.
a bad credit score will affect your ability to get a checking account, other credit needed and may also affect your ability to get employment, many employers these days are using credit background checks in their pre employment screening process, long gone are the days of just not paying a bill and just dealing with collectors, credit affects so much, take a strong hard look at what you have to lose before you let this happen and avoid it if at all possible. You have many options, explore them and try to avoid this route. goodluck |
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jbarto65
Joined: 04 Nov 2007
Posts: 626
-0.07 Dollars($)
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| Posted: Sat May 24, 2008 9:08 pm Post subject: |
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Well said erb,
I think it is crazy that employers are doing credit checks on people now, they willl lose some good candidates that way. |
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erb1953
Joined: 24 May 2008
Posts: 79
0.19 Dollars($)
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| Posted: Sun May 25, 2008 5:31 am Post subject: |
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Many employers justify this by saying that they put equipment in peoples hands that is worth a lot of money. Many companies also extend credit cards to individuals for use in their jobs such as to purchase gasoline and other items needed to get the job done.
My husband worked with a guy, he put it all in jeapordy and ended up losing his job. He let all of his children use his company card for gas, raking up thousands of dollars of charges, when the company discovered this they had no choice but to let him go.
sad part is, his wife had cancer about a year before that and was in remission, I remember her coming to the christmas parties with a bandana on her head from the baldness from the chemotherapy, she was a very nice lady.
I don't know why he would put the medical benefits in jeapordy, the cost is sky high for cancer treatment and one that you must have to have any chance of survival.
People do crazy things, guess they figure they will never get caught and companies have to protect themselves from this type of behavior, so many have implemented the credit check as part of their pre employment screening. |
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jbarto65
Joined: 04 Nov 2007
Posts: 626
-0.07 Dollars($)
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| Posted: Sun May 25, 2008 7:47 am Post subject: |
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| Wow, when you put it like that it makes a whole lot of sense why an employer would want to do a credit check, I guess if they are putting all that trust in people then they have a right to run the checks on them any way they please. |
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fireyone_02
Joined: 20 Mar 2008
Posts: 281
2.17 Dollars($)
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| Posted: Tue Jun 03, 2008 3:46 am Post subject: |
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| I would agree jbarto. I think this world has come down to places having to do creedit checks. I mean if you were risking losing your own money wouldn't you. I also thin their should be some trustable program that could help the innocent people rebounding from a life altering situation to rebuild credit worthiness. |
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jbarto65
Joined: 04 Nov 2007
Posts: 626
-0.07 Dollars($)
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| Posted: Sat Jun 21, 2008 7:22 am Post subject: |
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| But when people want credit bad enough they will make promises that they can not possibly afford, so these credit checks are put in place so the creditor can see the past history of someone who wanted something or needed something really bad, then after the newness wears off they stop paying or start paying late. |
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john murphy
Guest
0.10 Dollars($)
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| Posted: Mon Jun 23, 2008 2:35 pm Post subject: quit claim off will affect a title search if you keep it tho |
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| just so you know the property with your name will still show a foreclosure and being that its your property your credit wont be affected but it will show up on title. |
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Jan
Guest
0.10 Dollars($)
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| Posted: Mon Jun 30, 2008 4:33 am Post subject: quitclaim |
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| My name is on the deeds of my sons house although I have a house of my own, I pay nothing towards my sons mortgage and do not want any proceeds from it. I am about to go for bankruptcy due to the recent credit crunch, and will loose my own house, I am worried that my sons house will be at risk so am trying to quitclaim asap, where do I get these forms from and is this the best action to take, my only concerns are for my sons property. |
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banker0679
Community Experts
Joined: 15 Nov 2007
Posts: 319
Location: Charlotte, North Carolina
23.10 Dollars($)
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jbarto65
Joined: 04 Nov 2007
Posts: 626
-0.07 Dollars($)
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| Posted: Thu Jul 10, 2008 12:15 pm Post subject: |
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| Hopefully, you can get your name off it as soon as possible so that your son's property will be safe from the bankruptcy. goodluck with this. |
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fireyone_02
Joined: 20 Mar 2008
Posts: 281
2.17 Dollars($)
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| Posted: Tue Jul 15, 2008 5:01 am Post subject: |
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| I am very sorry to hear that you are going to lose your home. I know with the economy and the credit crunch their are so many people in your situation. I have heard on thne news that they are putting programs in place to help people. Maybe one of these could help you? Good luck and God Bless. |
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guest
Guest
0.10 Dollars($)
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| Posted: Sun Jul 27, 2008 8:38 am Post subject: forclosure |
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| I am going thru a divorce and spouse is thinking of filing bankrupcy. He is willing to do a quitclaim on the property I'm living on. I want to keep it out of forclosure. Would doing a quitclaim and title transfer keep it out of forclosure? We also took a 2nd loan out on this same house in both our names, how do I get my name off of the 2nd loan? Is it possible? |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 732
Location: OHIO
134.76 Dollars($)
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| Posted: Mon Jul 28, 2008 4:21 am Post subject: RE: quitclaim to avoid foreclosure |
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Hi guest,
Welcome to our community forums.
Quitclaiming property just to save the home from foreclosure may be considered as fraudulent transfer. And the lender may even sue you for this. To get your name off the second loan, either your spouse will have to refinance it or the best way is to pay it off. But your spouse is trying to file bankruptcy. Which chapter is he looking to file?
Regards,
Jessica.
_________________
Home buying made simple with Community booklet |
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Concerned too
Guest
0.10 Dollars($)
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| Posted: Sun Aug 24, 2008 7:43 am Post subject: Investment Property Foreclosure |
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| How will the foreclosure on my investment property effect my ability to get a corporate credit card for company travel and how will it effect my current corp credit card (Amex)? |
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