Comments on: How Much Will A Foreclosure Impact My FICO Credit Score? – Episode #49 http://www.videocreditscore.com/foreclosure-impact-my-credit-score/ Mon, 30 Aug 2010 00:32:02 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: VideoCreditScore-Andy http://www.videocreditscore.com/foreclosure-impact-my-credit-score/#comment-1474 VideoCreditScore-Andy Mon, 30 Aug 2010 00:32:02 +0000 http://videocreditscore.com/test2/?p=69#comment-1474 Best to get an apartment beforehand, if you can. It's not easy to rent an apartment when you are in bankruptcy or foreclosure. Best of luck. Best to get an apartment beforehand, if you can. It’s not easy to rent an apartment when you are in bankruptcy or foreclosure. Best of luck.

]]> By: VideoCreditScore-Andy http://www.videocreditscore.com/foreclosure-impact-my-credit-score/#comment-1473 VideoCreditScore-Andy Mon, 30 Aug 2010 00:26:42 +0000 http://videocreditscore.com/test2/?p=69#comment-1473 You won't really get a double wammy from doing both. That's because your score will drop pretty far just from the bankruptcy. Not sure you need to do a foreclosure if you are are declaring bankruptcy. Lots of posts on this. Here's one to consider. http://www.nolo.com/legal-encyclopedia/article-29631.html. You won’t really get a double wammy from doing both. That’s because your score will drop pretty far just from the bankruptcy. Not sure you need to do a foreclosure if you are are declaring bankruptcy. Lots of posts on this. Here’s one to consider. http://www.nolo.com/legal-encyclopedia/article-29631.html.

]]> By: Traci http://www.videocreditscore.com/foreclosure-impact-my-credit-score/#comment-1472 Traci Sun, 29 Aug 2010 23:39:32 +0000 http://videocreditscore.com/test2/?p=69#comment-1472 If i plan to file bankrupt and foreclose while in bankruptcy, should I go get an apartment before all this gets started or is it safe to assume I should be able to get one later on? I am not behind on anything at the moment but my income is 1/3 of what it used to be because of being laid off. I have applied for a loan modification but don't think it will help. If i plan to file bankrupt and foreclose while in bankruptcy, should I go get an apartment before all this gets started or is it safe to assume I should be able to get one later on? I am not behind on anything at the moment but my income is 1/3 of what it used to be because of being laid off. I have applied for a loan modification but don’t think it will help.

]]> By: Traci http://www.videocreditscore.com/foreclosure-impact-my-credit-score/#comment-1434 Traci Sun, 29 Aug 2010 06:20:03 +0000 http://videocreditscore.com/test2/?p=69#comment-1434 If I foreclose while in bankruptcy chapter 13, will my credit score drop twice as much (once from the bankruptcy and once again from the foreclosure)? I understand that if I foreclose, the Mortgage Company can't seek the difference from me from the sale of the house while I am in bankruptcy, but can they seek it after the bankruptcy term is completed? I don't know whether to foreclose or file bankrupt and foreclose...I can afford everything else I have if I only foreclose but I don't want to be subject to paying any money to the mortgage company when they sell the house...Also I have applied for a loan modification...not sure what combination of things is best... If I foreclose while in bankruptcy chapter 13, will my credit score drop twice as much (once from the bankruptcy and once again from the foreclosure)? I understand that if I foreclose, the Mortgage Company can’t seek the difference from me from the sale of the house while I am in bankruptcy, but can they seek it after the bankruptcy term is completed? I don’t know whether to foreclose or file bankrupt and foreclose…I can afford everything else I have if I only foreclose but I don’t want to be subject to paying any money to the mortgage company when they sell the house…Also I have applied for a loan modification…not sure what combination of things is best…

]]> By: VideoCreditScore-Andy http://www.videocreditscore.com/foreclosure-impact-my-credit-score/#comment-1211 VideoCreditScore-Andy Sat, 19 Jun 2010 14:52:35 +0000 http://videocreditscore.com/test2/?p=69#comment-1211 Digging into this, I've found that some banks report foreclosures in the middle of the process - i.e. before it's completed. Go to your county courthouse and get a copy of your cases dismissal. If one was not filed by your old mortgage company, get them to file it. (They are obligated to dismiss it after they've received payment) After you get a copy of the dismissal, contact all major credit reporting bureaus, and dispute your credit profile by reporting the negative entries on your credit report as inaccurate (because they are). Include a copy of the dismissal paperwork. If you dispute the record as inaccurate, it should get removed. Note: this is different from getting the house back once a foreclosure is complete. Once complete it stays on your file for 7 years. Digging into this, I’ve found that some banks report foreclosures in the middle of the process – i.e. before it’s completed. Go to your county courthouse and get a copy of your cases dismissal. If one was not filed by your old mortgage company, get them to file it. (They are obligated to dismiss it after they’ve received payment)

After you get a copy of the dismissal, contact all major credit reporting bureaus, and dispute your credit profile by reporting the negative entries on your credit report as inaccurate (because they are). Include a copy of the dismissal paperwork. If you dispute the record as inaccurate, it should get removed. Note: this is different from getting the house back once a foreclosure is complete. Once complete it stays on your file for 7 years.

]]> By: VideoCreditScore-Andy http://www.videocreditscore.com/foreclosure-impact-my-credit-score/#comment-1208 VideoCreditScore-Andy Sat, 19 Jun 2010 14:10:25 +0000 http://videocreditscore.com/test2/?p=69#comment-1208 7 years is time is will stay on both of your files. Many people can recover the <a href="http://www.videocreditscore.com" rel="nofollow">credit score</a> points lost in a few years. I've met someone who recovered from a bankruptcy in 18 months. 7 years is time is will stay on both of your files. Many people can recover the credit score points lost in a few years. I’ve met someone who recovered from a bankruptcy in 18 months.

]]> By: Charissa http://www.videocreditscore.com/foreclosure-impact-my-credit-score/#comment-1207 Charissa Thu, 17 Jun 2010 22:57:01 +0000 http://videocreditscore.com/test2/?p=69#comment-1207 I noted above that you said a foreclosure only appears if the process was completed. My credit report reflects the process was started but was stopped. I have had worked hard to get my credit rating back up but occasionally I do get denials and one of the reasons they list is there is a "Foreclosure" on my report. Should I be contacting the bank to have this removed since the property was sold prior to the foreclosure process being completed? I noted above that you said a foreclosure only appears if the process was completed. My credit report reflects the process was started but was stopped. I have had worked hard to get my credit rating back up but occasionally I do get denials and one of the reasons they list is there is a “Foreclosure” on my report. Should I be contacting the bank to have this removed since the property was sold prior to the foreclosure process being completed?

]]> By: Claud http://www.videocreditscore.com/foreclosure-impact-my-credit-score/#comment-1200 Claud Wed, 09 Jun 2010 22:09:36 +0000 http://videocreditscore.com/test2/?p=69#comment-1200 My husband has filed for a divorce. I had just started to file bankrupcy on 50.000 worth of credit card debt we had aquired-but is in my name. I stoped it when I got the papers for divorce. He is now willing to put a "stay" on the divorce so I can continue with the bankrupcy. (He'd like me to take the credit hit 10 years...) I have no job and two teenagers to relocate... We have a home which we owe as much on as it is worth. Both our names are on the deed-but only his is on the mortage. Am I responsiable for that debt also? What would you suggest we do? My husband has filed for a divorce. I had just started to file bankrupcy on 50.000 worth of credit card debt we had aquired-but is in my name. I stoped it when I got the papers for divorce. He is now willing to put a “stay” on the divorce so I can continue with the bankrupcy. (He’d like me to take the credit hit 10 years…) I have no job and two teenagers to relocate… We have a home which we owe as much on as it is worth. Both our names are on the deed-but only his is on the mortage. Am I responsiable for that debt also? What would you suggest we do?

]]> By: maria http://www.videocreditscore.com/foreclosure-impact-my-credit-score/#comment-1198 maria Tue, 08 Jun 2010 19:10:06 +0000 http://videocreditscore.com/test2/?p=69#comment-1198 we don't qualify for modification loan and the house n will go on foreclosure, I have a co signer and his credit score is or was 750.. how low can his credit score be afected and for how long with the foreclosure. we don’t qualify for modification loan and the house n will go on foreclosure, I have a co signer and his credit score is or was 750.. how low can his credit score be afected and for how long with the foreclosure.

]]> By: VideoCreditScore-Andy http://www.videocreditscore.com/foreclosure-impact-my-credit-score/#comment-1192 VideoCreditScore-Andy Sat, 29 May 2010 05:36:26 +0000 http://videocreditscore.com/test2/?p=69#comment-1192 It all depends on what gets reported. If they report a default on a loan then your score will drop. Call them loan holder to ask how they report the close of this transaction It all depends on what gets reported. If they report a default on a loan then your score will drop. Call them loan holder to ask how they report the close of this transaction

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