I am married, and my husband lost his job so we had to give up our house and vehicle , which was repowed yesterday. Will all of this hurt my credit or will i have to claim bankrupcy on both of these things.
2006-09-18 08:06:46 · 12 answers · asked by Anonymous in Business & Finance ➔ Credit
yes, foreclosure damages your credit, but so did all of the late payments that led up to the foreclosure. If the house and car are both forfeited, they will show up on your credit reports as repossessions.
2006-09-18 08:15:37 · answer #1 · answered by ? 6 · 0⤊ 0⤋
It will hurt your credit very badly for a long time. If you absolutely cannot make the payments, your best bet is to sell. It is a MUCH better alternative than foreclosure. There are mortgage brokers out there who can close in a very short period of time. I would try that. You should easily be able to find one in the Yellow Pages or online.
As far as the debt on the car and any other debts that you cannot repay right now, you may wish to consult an attorney to see if bankruptcy is a possible option. It sounds like it may well be.
Good luck and my heart goes out to you and your family.
2006-09-18 15:21:22 · answer #2 · answered by Leroy 5 · 0⤊ 0⤋
They both will be on your credit file. But Yes, Go file bankrupcy. It is the only real soulition you have. If you dont, The people who you baught the car through will try to make you pay for any amount of money they loose on the resale of the car. Same goes with your house. You may have to get a lawyer to file for you. It happend to my UNCLE once.
2006-09-18 15:15:19 · answer #3 · answered by mswildman2005 2 · 0⤊ 0⤋
foreclosure is absolutely the worst property decision a person (or couple) can make.
It doesnt matter how you got there now, your focus should be on saving that house. Even if it means selling everything else.
Cause if you lose the house you wont have anywhere to keep it anyway.
2006-09-18 15:18:05 · answer #4 · answered by Thoughts Like Mine 3 · 0⤊ 0⤋
Find someone that will help you do a short sale on your house. Talk to a real estate broker. They may know of an individual or group that does this sort of thing. Bankruptcies stay on your credit for seven years.
2006-09-18 15:16:42 · answer #5 · answered by Michael E 3 · 0⤊ 0⤋
Oh, it will really mess up your credit for a long time. It'll be hard for you just to survive. Lenders will not want to lend you any money. It will be hard for you to rent a property, such as an apartment, condo, or house. Don't plan on having much fun for a while; it's going to be a rough ride.
2006-09-19 05:42:45 · answer #6 · answered by Shannon A 3 · 1⤊ 0⤋
Yes it will hurt your credit there are ways to save your house their are people who will buy your house for what you owe and save your credit. since you have a few weeks I would try everything refinance anything to keep your credit good
2006-09-18 15:12:18 · answer #7 · answered by mmmkay_us 5 · 0⤊ 0⤋
Your credit is already screwed, foreclouse will make it a bit worse and you won't be eligiable to purchase another home for at least 2 years.
2006-09-18 15:43:39 · answer #8 · answered by Mango S 2 · 0⤊ 0⤋
IT will hurt your credit so bad. You will not be able to get a loan or anything. It will take along time for it to come off your record.
2006-09-18 15:12:41 · answer #9 · answered by hisgirl 5 · 0⤊ 0⤋
You will ruin your credit for years to come.
2006-09-18 21:43:44 · answer #10 · answered by Anonymous · 0⤊ 0⤋