Your Credit and You - You Did a Bad Bad thing.

By
Mortgage and Lending with Leader One Financial 164545

Your Credit and You - You Did a Bad Bad thing.

 

Okay, so we're not naive enough to think that everyone looking for a home to buy has sparkling fairy tell levels of awesome credit.  In fact, many people out there have bad credit.  Many people have been told their dreams of owning a home are dashed away by some horrible circumstances they've been put through; in order for you to understand here's a list of some things that are really bad for you credit. a top 3 list if you will;

Here's your top 3 bad things to do with your credit:

3. Bankruptcy - A lot of people think bankruptcy is the worst thing that could happen to a person, especially when it comes to buying a house. BUT, It's not the worst, it's bad, but not the worst.  Here's the deal, Once you've declared bankruptcy there are two options. Option A: if you declared your house during your bankruptcy you cannot get a mortgage until 3 years from the discharge date of the bankruptcy. Option B: if you didn't your house during your bankruptcy you can't get a mortgage until 2 years have past from the discharge date of the bankruptcy.

So it just takes a little time before you can return to being a home owner after you've declared bankruptcy.

2. Foreclosure - It used to be that a foreclosure on a house was the kiss of death and you could not be a home owner ever again, however recently things have gotten a bit better in this area.  It's no longer the kiss of death but you will have to wait 3 years according to the date on the foreclosure deed before you can buy another house.  (Here's why it's worse than Bankruptcy: if you owe $100 on your house and sell it for $75, the government CAN tax the $25, leaving you with a hefty tax bill.)

1. Repossession - Most people don't expect a repossession to be as bad as they actual are.  Here's why: When your car is repossessed you are still responsible to pay for the debt, AND not allowed to have a car, so where a foreclosure usually covers the debt incurred in the mortgage, a repossession doesn't. So you are stuck with the bills for the car and finding a new way of transportation and a huge knock that can destroy your credit score. 

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Your Credit and You - You Did a Bad Bad thing.

Posted by

Darren Copeland | Home Loans | Lee's Summit MODarren Copeland, Vice President LeaderOne Financial

4967-B NE Goodview Circle, Lees Summit, MO 64064

(816) 268-4025

KC Loan Tips & Midwest VA Loans

 

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Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

We have been successful with buyers who had short sales and bankruptcies and are fully back into a home.

Feb 28, 2013 12:36 AM #1
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