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You can actually run scenarios through this and it will tell you what your score will be and what it will be in the next few months.

It is much more accurate than any of the other score simulator services. Yes the Short Sale will not impact your credit in the fashion that a Foreclosure or Deed in Lieu would impact your credit... Be aware that it will impact the score, but by no means to the degree that Foreclosure or Deed in Lieu. Also you would be far more eligible for another property purchase a lot faster than with the Foreclosure or Deed in Lieu scenario. The good news for short sale sellers is the wait is much shorter before buying another home. They can buy again in about 18 months at a good interest rate, says Steep.

If you were not late going through the Short Sale process it should be o.

The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Actually, there has been a more recent change to Fannie Guidelines as of MArch 31. I am posting a paste from the FAnnie release notes 7. However, if the mortgage tradeline was not 60 days or more past due when the account was last reported, but has been 60 days or more past due in the last 12 months, the loan casefile will receive an Ineligible recommendation. DU will no longer issue a Refer recommendation when the date of a foreclosure cannot be determined. However, DU will issue a message stating that if the foreclosure was filed within the last five years and has not been satisfied, the loan is not eligible for delivery to Fannie Mae. If the borrower is current at time of credit of pull, but within the last 12 months was 60 days or more late, your chances of refi are none.

If there has been a foreclosure that is still open, unresolved, (like a walk away) within the last 5 years your chances are absolutely none. No question these are harsh guidelines, but at the moment, probably necessary to attract investor money into the MBS market.

The pendulum will probably swing more towards the lenient side again in a few years, but at the moment it is very tough.

Try to get some resolution and work it out to avoid foreclosure. If you were not late going through the Short Sale process it should be o.

Moe, what if a persons situation already has their FICO at or below 400, will it go down to 200?

With the high impact of forclosure on the credit score would it make sense to file a total BK afterwards and get a clean start? Is jingle mail (just walking away from home and mailing keys to lender) considered a foreclosure or a deed-in-lieu? Yes that would make more sense because they would be reflected the same on the credit........... The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet.

You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our ok i understand that the short sale has less impact on the credit report than foreclosure but ive heard that on deficiency judgement there are less chance you will be hit paying the difference in foreclosure than shortsale. The comments by me and the materials available at this web bad credit loans san antonio site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. All of us are so conditioned into believing in a system that is solely based on a number-the great FICO. When one awakens to this reality, like me, they will let go of the need to maintain it.

I have loan online instant made the decision to stop worshiping at the altar of the great FICO. This has to exclude all credit cards and borrowing. By doing this it will mean that my credit score will eventually cease to exist. I have done everything within my power, but greed is a power greater than mine and it rules the day in every market, including housing. Once you surrender and let go of this falsehood you are free to make a better life. Everything I have read here on this site, and at the treasury departments website, tells me that we are merely being offered a rent for life policy.

Lower interest fast cash rate for 5 years, then moderate increases thereafter.


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Income that should never have been included in my brokers numbers to begin with! My goal will be to attain a FICO score that will not be detectable. There is a growing number of Americans who have awakened to a new reality. This reality includes living within our means and on less than we make. We will live debt free, including having a paid for house. As soon as we break away from what we have been conditioned into believing is normal, i.

We love our debt, and we have great credit scores to prove just how much we love it. Stop using credit and it will cause that score to go way down. I have had 2 credit cards closed because of inactivity. My question is, if we end up without a modification, we may face foreclosure and bankruptcy. Does this mean we will take double the hit on our credit?

Have questions about construction loan foreclosure with Chase bank in Tennessee. Chase did not perform construction inspections and builder took draws without completing work.

It was my understanding that the second mortgage would be included in the foreclosure. However, I am still receiving a bill for the second every month. If I put in my account number they send me straight to collections. I have written letters, and I receive a response from loan online instant EMC stating that they will research the matter and respond within 60 days, but I never hear back.

I have also written all three credit bureaus and they respond that it is reported correctly. Have I been given inaccurate information regarding the second loan?

I used all of the money towards the purchase of the house and did not take any cash out.

Should that loan have been included in the foreclosure as I was told?

And if so, what should I do to rectify the situation? I own the house I live in with my mother and recently deceased father. We were finally able to obtain a loan modification last year after waiting 8 months and lots of interest and late charges later which were added to our loan amount. From what I have read it appears that New York is a one action state which means the lender can either foreclose or sue for full loan amount. I now understand that with a short sale or deed in loan online instant lieu of foreclosure the bank can sue for the deficiency amount. Also, my mother and father were the only ones on the mortgage loan, however, I am listed on the deed as an owner. I have been told loan online instant by a lawyer that if the house goes into foreclosure it does not affect my credit rating because I am not liable for the mortgage. I am asking for help in knowing this information is correct. It seems the right decision would be to let the bank foreclose.

Now I understand why they were so accepting in agreeing to a short sale. Any help with these questions would be most appreciated!!

Yes, you are among many members who are in similar situations. If you need more legal advice, I recommend you contact that lawyer, or consult with a another NY lawyer.

We had other long standing accounts that we continued to pay and had no other negatives on our credit report besides our late mortgage payments and foreclosure. The transmission on our car pay day loans in pa went so we applied for a car loan and bought a used vehicle with a 3. Two of our newer credit card accounts slightly lowered our available credit limit, but all of our other credit cards remained the same through this entire process. In short, we have recovered pretty easily from our foreclosure just by continuing to pay all of our other debt on time.

The threats of being destroyed for life by a bad FICO score seem to be exaggerated. We were expecting years of hardship but our foreclosure ended up going from our worst nightmare to a very happy ending. We no longer have the albatross of sinking home pulling us down and we are well on our way to complete financial freedom with housing costs far below what we were paying. My husband and I are in a very similiar situation to yours, having high scores, but being so underwater on a home with an ARM that we will be missing our unsecured loans no guarantor first payment next month. I am currently in the process of letting my vacant house that we moved out of a year ago foreclose. Before I missed my first payment in Spetember of 2011, my FICO was about 720. Just looked at it the other day and it is down to 557. However, I have stayed current on everything else and none of my credit limits have been affected unsecured personal loan lenders whatsever. I was afraid that not only will I not be able to get a new mtg for very long time AND since my loan rates career is in the finance, (they check credit prior to hiring) that I will not get another job either. I am hoping that you are right and within 12months my credit score will be good enough to pass the company guide for hiring. Evett- Does credit union underwrite to manual underwriting for a mtg loan or follow Fannie guide? Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages.