Comments on: How Much Will A Foreclosure Impact My FICO Credit Score? – Episode #49 http://www.videocreditscore.com/foreclosure-impact-my-credit-score/ Tue, 24 Jan 2012 18:29:53 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Peregrine http://www.videocreditscore.com/foreclosure-impact-my-credit-score/#comment-1639 Peregrine Sun, 11 Dec 2011 15:55:46 +0000 http://videocreditscore.com/test2/?p=69#comment-1639 Never mind. I researched it myself and learned that they are only doing this foreclosure process as a formality. The house is still under my name on the public records, albeit as a pending foreclosure. This will be updated to a foreclosure and now belonging to BoA. My credit report should remain the same, as a debt that was discharged in chapter 7 bankruptcy, over 2 years ago. In the event a recent foreclosure does show up, I can (and will) dispute it. Apparently, BoA is in a certain level of trouble as is, due to "financially wounding" borrowers whose foreclosures occured during a specific time date, such as mine. I received a notice in the mail about it a few days ago. So far, I have not been "financially wounded" by them. This chapter 7 is bad enough and I was finally seeing some healing happen with time. I hope it stays that way. Never mind. I researched it myself and learned that they are only doing this foreclosure process as a formality. The house is still under my name on the public records, albeit as a pending foreclosure. This will be updated to a foreclosure and now belonging to BoA. My credit report should remain the same, as a debt that was discharged in chapter 7 bankruptcy, over 2 years ago. In the event a recent foreclosure does show up, I can (and will) dispute it.

Apparently, BoA is in a certain level of trouble as is, due to “financially wounding” borrowers whose foreclosures occured during a specific time date, such as mine. I received a notice in the mail about it a few days ago. So far, I have not been “financially wounded” by them. This chapter 7 is bad enough and I was finally seeing some healing happen with time. I hope it stays that way.

]]> By: VideoCreditScore-Andy http://www.videocreditscore.com/foreclosure-impact-my-credit-score/#comment-1617 VideoCreditScore-Andy Thu, 20 Oct 2011 06:41:51 +0000 http://videocreditscore.com/test2/?p=69#comment-1617 Your logic makes sense. Although, I hadn't heard that you could buy an FHA home right after a short sale. Seems to counter the theory of risk default. see this... http://ericbramlett.com/can-you-buy-a-home-immediately-after-a-short-sale/ Not sure if it's accurate. I'm mostly concerned that having a 620 score after a short sale will be very, very hard You Are Eligible If: You’re current on your mortgage at the time of the short sale and weren’t late anytime during the 12 months prior to the short sale date. All your other debt installment payments were current during the same period of time. Home sold is not an FHA loan. Sold home must not require a deficiency judgement for the amount sold short. Credit score of 620 or more. Short sale caused by an extenuating circumstance such as death of primary wage earner as long as the credit score prior to the circumstance was sufficient to qualify for a loan. Documented sickness or illness to the borrower that prevents them from making payments. Job loss and loss of income or the borrower must relocate for work. Circumstances considered beyond the borrowers control. If you’re current on your mortgage and didn’t miss any payments during the time of your short sale, you may be eligible to purchase another property immediately after using an FHA loan if you meet all these requirements set forth by HUD. Talk to your real estate agent and a trusted lender about your options if you feel you meet these requirements. Your logic makes sense. Although, I hadn’t heard that you could buy an FHA home right after a short sale. Seems to counter the theory of risk default.

see this… http://ericbramlett.com/can-you-buy-a-home-immediately-after-a-short-sale/ Not sure if it’s accurate. I’m mostly concerned that having a 620 score after a short sale will be very, very hard

You Are Eligible If:
You’re current on your mortgage at the time of the short sale and weren’t late anytime during the 12 months prior to the short sale date.
All your other debt installment payments were current during the same period of time.
Home sold is not an FHA loan.
Sold home must not require a deficiency judgement for the amount sold short.
Credit score of 620 or more.
Short sale caused by an extenuating circumstance such as death of primary wage earner as long as the credit score prior to the circumstance was sufficient to qualify for a loan.
Documented sickness or illness to the borrower that prevents them from making payments.
Job loss and loss of income or the borrower must relocate for work.
Circumstances considered beyond the borrowers control.
If you’re current on your mortgage and didn’t miss any payments during the time of your short sale, you may be eligible to purchase another property immediately after using an FHA loan if you meet all these requirements set forth by HUD. Talk to your real estate agent and a trusted lender about your options if you feel you meet these requirements.

]]> By: VideoCreditScore-Andy http://www.videocreditscore.com/foreclosure-impact-my-credit-score/#comment-1616 VideoCreditScore-Andy Thu, 20 Oct 2011 06:36:19 +0000 http://videocreditscore.com/test2/?p=69#comment-1616 The short sale will cause such a big score drop, that the 30 day late wouldn't make much of a difference. I think you are right though, that a 30 day late won't get recorded though. The short sale will cause such a big score drop, that the 30 day late wouldn’t make much of a difference. I think you are right though, that a 30 day late won’t get recorded though.

]]> By: James M http://www.videocreditscore.com/foreclosure-impact-my-credit-score/#comment-1610 James M Sun, 16 Oct 2011 20:36:28 +0000 http://videocreditscore.com/test2/?p=69#comment-1610 And followup to last question. I've heard that it may be possible to buy FHA home the day after a short sale (in theory) if no payments were missed on short sale. If I missed only one payment ever, the last one before the short sale closed and it closed on 20th day but before 30 days late, I assume this would not be considered a missed payment by FHA guidelines because it did not go 30 days late. Any thoughts? And followup to last question. I’ve heard that it may be possible to buy FHA home the day after a short sale (in theory) if no payments were missed on short sale. If I missed only one payment ever, the last one before the short sale closed and it closed on 20th day but before 30 days late, I assume this would not be considered a missed payment by FHA guidelines because it did not go 30 days late. Any thoughts?

]]> By: James M http://www.videocreditscore.com/foreclosure-impact-my-credit-score/#comment-1609 James M Sun, 16 Oct 2011 20:29:01 +0000 http://videocreditscore.com/test2/?p=69#comment-1609 What happens if you close on a short sale (no deficiency) where last mortgage payment was not made (all prior were) but the closing is on the 20th day after payment due? In other words, you close before ever being 30 days late. I assume your credit would be affected by short sale itself but missing last payment would not show up because everything closed before 30 days. Any thoughts? What happens if you close on a short sale (no deficiency) where last mortgage payment was not made (all prior were) but the closing is on the 20th day after payment due? In other words, you close before ever being 30 days late. I assume your credit would be affected by short sale itself but missing last payment would not show up because everything closed before 30 days. Any thoughts?

]]> By: VideoCreditScore-Andy http://www.videocreditscore.com/foreclosure-impact-my-credit-score/#comment-1599 VideoCreditScore-Andy Wed, 21 Sep 2011 21:29:09 +0000 http://videocreditscore.com/test2/?p=69#comment-1599 Once the foreclosure is added to your credit report, you likely won't get approved. If no foreclosure, then it should NEVER be added. FHA won't approve you if you have a foreclosure from just 3 years ago. They will want you to wait 5 years. All other bankruptcies are 4 years. Once the foreclosure is added to your credit report, you likely won’t get approved. If no foreclosure, then it should NEVER be added. FHA won’t approve you if you have a foreclosure from just 3 years ago. They will want you to wait 5 years. All other bankruptcies are 4 years.

]]> By: Nicole http://www.videocreditscore.com/foreclosure-impact-my-credit-score/#comment-1596 Nicole Fri, 16 Sep 2011 04:05:25 +0000 http://videocreditscore.com/test2/?p=69#comment-1596 Help...trying to get financed, underwriter wants to do a credit supplement to ADD A FORCLOSURE to my credit report??? She says my file is being held up in the electronic/ automated system, a foreclosure that started but that is about it, she wants to call that old lender and ask them to add it. I was served with forclosure papers initially and filed bankruptcy immediately. I never heard from the bank again but they were notified that I was in bankruptcy. My Chp 7 was discharged only a couple of months after I filed. 3 years have now gone by. The lender says that I need to also wait 3 years from when the foreclosure happened (which was way after the bankruptcy). The issue is there was no foreclosure, no paperwork...nothing (I'm sure I am confused), so I'm calculating from when I see that the title was taken out of my name. Please help, do I need a new lender (they are through the builder) or am I crazy? This is for FHA, so I don't want to go somewhere else and it is really the case for an FHA loan. Help…trying to get financed, underwriter wants to do a credit supplement to ADD A FORCLOSURE to my credit report??? She says my file is being held up in the electronic/ automated system, a foreclosure that started but that is about it, she wants to call that old lender and ask them to add it. I was served with forclosure papers initially and filed bankruptcy immediately. I never heard from the bank again but they were notified that I was in bankruptcy. My Chp 7 was discharged only a couple of months after I filed. 3 years have now gone by. The lender says that I need to also wait 3 years from when the foreclosure happened (which was way after the bankruptcy). The issue is there was no foreclosure, no paperwork…nothing (I’m sure I am confused), so I’m calculating from when I see that the title was taken out of my name.
Please help, do I need a new lender (they are through the builder) or am I crazy? This is for FHA, so I don’t want to go somewhere else and it is really the case for an FHA loan.

]]> By: Kerri http://www.videocreditscore.com/foreclosure-impact-my-credit-score/#comment-1578 Kerri Mon, 08 Aug 2011 15:21:03 +0000 http://videocreditscore.com/test2/?p=69#comment-1578 Hi and thanks for posting. My husband & I renewed our vows 2/14/11. I was pregnant and ill with our fifth little boy - SURPRISE! My husband left out of the blue on Mother's Day a few months later. He moved in with a woman making a high salary and no kids that he met on FB & texted me when the baby was 3 days old to let me know he had retained an attorney. I was a stay at home mom and 5 months pregnant at the time. I receive very little if any child support and, although he was a union carpenter in NYC and made well over $125,000 for the past several years, the courts agree with him that because the economy is declining and that the amount he has to pay should be based on about 2/3 of what he was making before-not much when you have 5 kids. I am trying to get my teaching certification reinstated after being home and am working part time but day care costs are too high for me to justify me working many places right now. Our credit score was around 800 and when I just checked it it was 560. My ex has not even paid the court ordered house payments since January and the bank has begun foreclosure proceedings. He has also refused an offer we had on the house out of spite and says he has a car, house, and job and does not care about my credit. I have been fighting this legally), but it's a slow, time consuming and I am beginning to see very unjust system. Before he left we were never late for anything. Now I am worried about being homeless with my children.Is there anything I can do to help my kids and I find a place to live? Please help. Thank you. Hi and thanks for posting. My husband & I renewed our vows 2/14/11. I was pregnant and ill with our fifth little boy – SURPRISE! My husband left out of the blue on Mother’s Day a few months later. He moved in with a woman making a high salary and no kids that he met on FB & texted me when the baby was 3 days old to let me know he had retained an attorney. I was a stay at home mom and 5 months pregnant at the time.
I receive very little if any child support and, although he was a union carpenter in NYC and made well over $125,000 for the past several years, the courts agree with him that because the economy is declining and that the amount he has to pay should be based on about 2/3 of what he was making before-not much when you have 5 kids. I am trying to get my teaching certification reinstated after being home and am working part time but day care costs are too high for me to justify me working many places right now. Our credit score was around 800 and when I just checked it it was 560. My ex has not even paid the court ordered house payments since January and the bank has begun foreclosure proceedings. He has also refused an offer we had on the house out of spite and says he has a car, house, and job and does not care about my credit. I have been fighting this legally), but it’s a slow, time consuming and I am beginning to see very unjust system. Before he left we were never late for anything. Now I am worried about being homeless with my children.Is there anything I can do to help my kids and I find a place to live? Please help. Thank you.

]]> By: Marianna http://www.videocreditscore.com/foreclosure-impact-my-credit-score/#comment-1569 Marianna Fri, 24 Jun 2011 00:29:05 +0000 http://videocreditscore.com/test2/?p=69#comment-1569 Please help! My husband had a foreclosure 4 years ago,first loan doesn't show on his credit but second loan which was with WF is still on his credit.When we called them we were told that it will be on his credit forever, untill he pays that off.That means we will never be able to buy a house?Thank you very much. Marianna Please help!
My husband had a foreclosure 4 years ago,first loan doesn’t show on his credit but second loan which was with WF is still on his credit.When we called them we were told that it will be on his credit forever, untill he pays that off.That means we will never be able to buy a house?Thank you very much.
Marianna

]]> By: VideoCreditScore-Andy http://www.videocreditscore.com/foreclosure-impact-my-credit-score/#comment-1555 VideoCreditScore-Andy Thu, 21 Apr 2011 05:33:19 +0000 http://videocreditscore.com/test2/?p=69#comment-1555 Pay your bills on time and don't use more than 6% of your credit limit, if that is possible. 700+ is right around the corner for you. Pay your bills on time and don’t use more than 6% of your credit limit, if that is possible. 700+ is right around the corner for you.

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