know how bad i am looking at?
2007-01-12 02:36:06 · 11 answers · asked by Anonymous in Business & Finance ➔ Credit
7-10yrs
Try: Deed in Lieu of Foreclosure
When the lender allows you to give-back your property--and forgives the debt. It does have a negative impact on your credit record, but not as much as a foreclosure.
The lender might require that you attempt to sell the house for a specific time period before agreeing to this option, and it might not be possible if there are other liens against the home.
2007-01-12 02:37:47 · answer #1 · answered by Diane A 5 · 2⤊ 1⤋
It will stay on the report for 10 years.
Foreclosures are credit report suicide. Most "good" lenders will not even look at you with a foreclosure on your credit report until it has been at least 3 years.
Bankruptcy can be in as little at 1 year and you can get a traditional mortgage, maybe at an elevated rate though.
If you are looking at buying a home, you may have to do a contract sale. If that does happen, get an attorney.
2007-01-12 06:01:25 · answer #2 · answered by Culture Warrior 4 · 0⤊ 0⤋
my friend filed bankruptcy in 96 - it is suppose clear your credit report after 7 years, but a few years ago they changed it to 10 years, not sure how true it is that it clears your credit report, she is still having problems with it- she built up her credit again but some credit card companies still deny her for cards because of it. I'm pretty sure a foreclosure will bring you the same grief. Contact a credit counselor for advise.
2007-01-12 02:45:58 · answer #3 · answered by shambuca 2 · 0⤊ 0⤋
Things stay on your credit report for 7 years.
2007-01-12 02:37:59 · answer #4 · answered by Christopher McGregor 3 · 0⤊ 0⤋
Most items will stay on your credit report for 7 to the max of 10 years. Their is no telling on if it will stay for 7 or 10 years, it depends on the creditor.
2007-01-12 03:11:56 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Dude your borrowing power is gone at least for the next 7 years, in that time do your BEST to save money. You need to establish some sort of credit and keep making monthly payments to show a creditor that you are able to maintain regular payments. That MAY offset any damaged credit.
GOOD LUCK!
2007-01-12 02:40:52 · answer #6 · answered by Anonymous · 0⤊ 0⤋
My husbands and mine stayed on for 7 years and the credit rating we got was crappy. A large amount of businesses snub at you once this has been done...we are still trying to get someone to give us credit after 2 years past the 7 years. Good luck.
2007-01-12 02:40:37 · answer #7 · answered by cdb774 3 · 0⤊ 0⤋
If your losing a home you probably have bigger problems then your credit report. Have you made bad business, relationship, and financial decisions? You may need to fix those before you even worry about your credit report. Money can be made and credit fixed but if your a bad decision maker you'll never fix your credit.
2007-01-12 02:42:01 · answer #8 · answered by run7days 2 · 1⤊ 0⤋
It will hurt your credit score, which means you are less likely to get loans and if you do you will pay significantly higher interest rates.
It stays on for 7 years.
2007-01-12 02:39:06 · answer #9 · answered by kja63 7 · 0⤊ 0⤋
Diana A is right. Sorry to tell you that.
2007-01-12 02:38:36 · answer #10 · answered by angelikabertrand64 5 · 0⤊ 0⤋