2007-05-07 07:13:59 · 10 answers · asked by Bill C 1 in Business & Finance ➔ Personal Finance
As bad as possible short of bankruptcy
2007-05-07 07:18:01 · answer #1 · answered by wizjp 7 · 0⤊ 0⤋
A foreclosure, being a legal action, is a significant derogatory mark. This would show twice on your credit report. Once as a notation in the tradeline, and then again in the public records section.
The tradeline entry would show all the history on the account and negative data for 7 years, plus 180 days from the last time the account was paid as agreed. The public record would have its's own opening date (the date the foreclosure was filed at the courthouse) and would show for 7 years from the date of the disposition.
Having any item in the public record section of your credit report causes all deductions to have a larger impact on the score. Foreclosuure is a serious legal action and would indicate great risk to potential future lenders. Most consumers, even when they have trouble with other types of bills, pay their housing and utilities expenses. Lenders tend to look very unfavorably toward anyone who has let those expenses go into collections and lawsuits.
2007-05-07 07:23:10 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Definitely. A foreclosure is simply a repossession of real estate.
Is there a reason you would believe that it would "not" negatively affect your credit rating (credit score)?
2007-05-07 07:19:23 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It can be one of the worst hits on your credit. The reason being is that companies look at your basic bills to see how you handle them.
If you are messing up on the home that you live in then how will you afford the car or boat or other items you may need a loan for.
2007-05-10 06:30:51 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Furthermore, a foreclosure will affect your credit score for years and there's nothing you can do to erase it. You'll find it hard to get loans, mortgages, credit cards, car insurance, and even some jobs.
2007-05-07 07:57:52 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Yes,it will. And in ways you would never dream of !!
If you are smart you will sell the house, even at a loss,to save your credit.
Good luck !!
2007-05-07 07:24:32 · answer #6 · answered by bv1999 2 · 0⤊ 0⤋
Like getting a car repossessed - only worse.
Bankruptcy is worse.
2007-05-07 07:51:10 · answer #7 · answered by Mr. Indignant 4 · 0⤊ 0⤋
yes most defintely. for severn years.
bankruptxy is ten! sorry
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2007-05-11 03:49:06 · answer #8 · answered by tennessee 7 · 0⤊ 0⤋
Hurt it? It'll kill it.
2007-05-07 07:49:25 · answer #9 · answered by Barry auh2o 7 · 1⤊ 0⤋
the answer is pretty obvious why even ask????
2007-05-07 07:24:49 · answer #10 · answered by amazed 3 · 0⤊ 0⤋