foreclosure downside
What are the disadvantages of all with bad credit from foreclosure?
Because of the bad conditions, taking into account my mother is foreclose on a house soon. What will happen after her with bad credit? We know, for 7 years (I think), it is not possible for house, car or credit card . Apply She is 53, so I do not think they need anything anytime soon. In addition, I told her these things can in my name, right? I still missing something that I should be aware of? Thanks.
Well, the foreclosure could be on their credit reports up to 10 years. their credit score would drop a 125-150 pt. their chances on a mortgage for at least the next four years would be slim to none. their chances approved for other loans (ie car loans, personal loans, etc) would greatly be hindered. the real problem here is how much it costs still owed on the home front? If there is a huge shortage and their house has declined in value, how much, the Bank could and after they come to court for the deficiency. Get if they lack a verdict against them, as they could garnish their wages, their other lien Levi assets or accounts. should be their absolute last resort foreclosure. 53 provided they can, but it must then credit. they should contact the lender and see whether there are any other options, such as a short sale, loan modification, banks, etc. are much more willing to work with homeowners than they were before, because the last what they want is another foreclosed home on their hands. depending on the value of the house opposite of what it owes, it has tried to sell home? even so how much you love them resist, the urge to CoSign things. I do not want to sound harsh, but you could end up getting dragged with it, and you will need credit as well.
IAN WATT The Downside of selling Court Ordered Sale Foreclosures.wmv
