credit: Quitclaiming Your House to Your Ex-Spouse Could Tie Up Your Credit for Years - 06/10/11 01:13 AM
Your credit could be tied up for years if you quitclaim your ownership interest of the house to your spouse or ex-spouse. This could hurt you even if you maintain excellent credit. This future impact may be overlooked in a divorce agreement.
Credit Score and Debt Ratios are Two Separate Issues
There are two separate issues at play here;
The impact of your mortgage payments on your credit The debt load a future lender considers safe for you as a new borrower The Impact of Your Mortgage Payments on Your Credit
Even if your ex-spouse makes perfect payments on the mortgage, … (55 comments)

credit: Divorce With One Spouse NOT on the Loan - How Does Short Sale Or Foreclosure Impact Credit? - 05/21/11 04:18 AM
Many times one of the divorcing spouses is NOT obligated or liable for the loan and therefore their credit may not be impacted. I'm referencing obligation to the lender, not obligation under the divorce agreement. Sometimes one of the spouses did not have had good enough credit while the other spouse had strong enough income and credit to qualify for the loan by himself or herself. Other cases could include a house and mortgage that was already in a spouse's name prior to the marriage. This is vital to know in a short sale situation.
How does a foreclosure or short … (2 comments)

credit: Foreclosure, Short Sale, Credit and Employment - 02/20/11 07:31 AM
Unfortunately some employers consider bad credit as a predictor of effectiveness and trustworthiness.
How Can A Short Sale Benefit You Vs. a Foreclosure?
Interviewers are asking candidates for authorization to contact the three major credit reporting bureaus. Candidates are worried bad credit will cost them their job.
Even though a short sale hurts the seller's credit, there still are differences;
In a foreclosure, the owner LOSES their house.
The benefit of a short sale: In a short sale, the owner SELLS their house by developing a solution with the lender that is more beneficial to the lender than a foreclosure.
A … (5 comments)

credit: Short Sale vs. Foreclosure. Behind on Payments in Louisville? You Have Options - 11/07/10 02:19 PM
A short sale is a dignified solution to foreclosure and has many benefits to you, the homeowner.
Foreclosure or Short Sale: Understand the Differences Underwater on your mortgage? Facing foreclosure? Avoiding foreclosure through a short sale can have many benefits for your future financial stability.
A short sale is a dignified solution to foreclosure.
There are many benefits to a short sale vs. a foreclosure, including
Credit issues Deficiency judgment issues Shorter time to qualify for a new home loan And many more... Click here for a free report on the differences between short sales and foreclosure.
If you are … (2 comments)

credit: In Foreclosure? Look Beyond the Obvious For Real Options – The Short Sale - 10/17/10 03:15 PM
Examples of non-obvious solutions that were better than the obvious ones:
Did you ever think you knew what was wrong with your car but the mechanic instantly found the real problem and solved it? Did you ever think you knew what the doctor would say but her diagnosis and treatment were different? Were you ever sure you knew how to fix your computer but the computer expert knew the real solution? Well, it’s the same with avoiding foreclosure. The obvious solutions aren’t always the best solutions. For example, the obvious solutions to avoid foreclosure are:
Bringing the payments current.
But, if … (4 comments)

credit: Short Sales - Will a contingency offer be accepted? - 07/13/10 11:08 AM
Will the buyer's offer be accepted if it is contingent upon the sale of the buyer's existing home?
The short answer is: NO.
Here's the reasoning; The seller's primary motivating factors are speed and likliehood of closing. In today's unstable and declining market there's no way to tell when the buyer's house will sell or if it will sell at all.
A short sale takes months of diligent processing until the short sale lender approves the price and terms. Once the lender sends approval, they restrict the closing time to about 30 days.
If the buyer has yet to sell their house, … (2 comments)

 
Dave Halpern, Louisville Short Sale Expert (Keller Williams Realty Louisville East (502) 664-7827) Rainmaker large

Dave Halpern

Louisville Short Sale Expert

Louisville, KY

More about me…

Keller Williams Realty Louisville East (502) 664-7827

Address: 1230 S. Hurstbourne Lane, Louisville, KY, 40222

Office: (502) 664-7827

Mobile: (502) 664-7827

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