| Steve Horrillo 2005-07-17, 4:25 am |
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On 16-Jul-2005, "Rick Hess" <RickHessAll_Spammers@BellSouth.net> wrote:
quote:
> A friend who owns a mortgage brokerage told me that a foreclosure is one
> of
> the worst things that can show up on a credit report -- worse than late
> payments, worse than bankruptcy. He said Creditors reason that if the
> Debtor's insolvency is so bad that it results in the loss of the roof over
> your head, it just doesn't get any worse than that. Is that not true?
I can tell you first hand that's not true. Even it it's reported it's not
hard to have it removed from the credit reports. As far as public records go
as long as there's no dollar amount judgment it won't interfere with the
obtaining of a mortgage since there's no financial liability involved. Of
course there may be a bank somewhere that has their own standards, but if
that's the position you mortgage broker takes you BEST find another mortgage
broker. Creditors don't "reason." They make their decisions based on credit
scores and potential liabilities. High FICO + No Liabilities = YES. I've
gotten loans for people with IRS liens, banrupsys, forclosures as little as
a year prior. It all depends on the lender, interest rate charged, and how
much the down payment is compared to the appraised value of the property.
BTW, there's nothing worse and unnecessary than Bankruptcy unless you are in
a state like Florida where you can keep your home's equity. But that's no
more in a few months anyhow. Explore www.elown.com and the links page. Visit
the discussion boards and ask some questions.
--
Warmest regards,
Steve Horrillo, Realtor / C.Ht. =^..^=
http://BrokerAgentTraining.com http://over100percent.com http://HipFSBO.com
http://eLOWn.com
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