| Rick Hess 2005-07-17, 12:25 pm |
| "Steve Horrillo" <usenet@stephenhorrillo.com> wrote
quote:
>
> On 16-Jul-2005, "Rick Hess" <RickHessAll_Spammers@BellSouth.net> wrote:
>
over[vbcol=seagreen]
>
> I can tell you first hand that's not true.
Well, I have one mortgage broker (and two other posters in this thread) who
says it's true, and one Realtor who says it's not true; I remain
unconvinced of your claim.
quote:
> Even it it's reported it's not
> hard to have it removed from the credit reports.
I question this statement, although I have no first-hand experience.
quote:
> 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.
A foreclosure IS a public record with a dollar amount.
quote:
> 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
quote:
> broker. Creditors don't "reason."
Absolutely not true, on two accounts:
1. A foreclosure DOES affect one's score.
2. Creditors DO "reason". For example, medical bills are often
"forgiven". I'm not saying they're able to step outside their guidlines;
I'm saying their guidelines aren't as black and white as you state. If
you're working with Creditors who DON'T "reason", I believe you are doing
you and your clients a disservice.
quote:
> 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
quote:
> 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.
Agreed, but so what?. I never said or implied that a foreclosure eliminated
all chance of obtaining credit. However, the foreclosure certainly made
things more difficult for the Borrower and/or worsened his terms. If a
tenant-applicant has messed-up credit they will have to pay 2 or 3 times the
base security deposit if they want to rent one of my properties.
quote:
> BTW, there's nothing worse and unnecessary than Bankruptcy
Any Lenders care to respond? What's worse: Bankruptcy or foreclosure?
quote:
> Explore www.elown.com and the links page. Visit
> the discussion boards and ask some questions.
We're in a NG where there ought to be some Creditors who can comment on some
of this. Or, maybe not. One never knows who is misrepresenting themselves
here.
--
Rick Hess
New Orleans
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