2007-12-18 12:26:01 · 4 answers · asked by Steenskees 2 in Business & Finance ➔ Personal Finance
Yes, and you can have a business even with a foreclosure on your credit report. Just pay the proper licensing fees if you're in a regulated industry, or the city/state fees to have the business established.
They don't do credit checks for you to be self-employed, and the banks don't much care if you have a business or not.
2007-12-19 02:49:38 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The two are TOTALLY unrelated. The ONLY requirement for a foreclosure is having a mortgage and not keeping the payments current. If your home is foreclosed on, and the bank sells for less than you owe, they can sue you for the difference. Once they win the suit (they will), they can attempt to take your business to pay the judgment.
2007-12-18 21:17:22 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
Sure, foreclosures are brought on by non payment of mortgage. The bank repos the property, eventually puts it on the market at fair value, if and when it sells, they come after the defaulter for the rest of the money.So if you have a business, they can place a lien on it.
2007-12-18 20:36:01 · answer #3 · answered by T C 6 · 1⤊ 0⤋
sure can .
business isn't making money since u in foreclosure
2007-12-18 21:31:06 · answer #4 · answered by Anonymous · 0⤊ 0⤋