San Diego Housing Bubble News and Analysis

"Is this kind of bankruptcy really hunt us 2 years only?"

All your base are belong to us.

finally said someone did what thinking had been

Wow. That made my heard hurt a little, but here’s what I THINK he (or she? Meh…) is asking:

Can a foreclosure affect his friend’s current employment?
If he is currently employed, then not likely. If he is job hunting, some employers do run credit checks on applicants, though I don’t know what in the reports they would look for that might keep them from hiring someone. I imagine it would be a little different for every employer.

Does the ding to his friend’s credit only stay on his credit report for 2 years?
No. I thought it was at least 7 years. Someone else correct me if I’m wrong.

All your base! Heard that one while in a I have not.

Now I feel mean... :(

http://www.youtube.com/watch?v=qItugh-fFgg

from Wikipedia:
Foreclosures on Credit Records
The legal action of foreclosure may show on a consumer credit report for 7 years from the date of entry (filing).

Here is more detail and input from others:

Seven years from the date it is entered into public records.

The Fair Credit Reporting Act allows the legal action of foreclosure to remain for 7 years from the date of filing.

7 years + 180 days from date of first delinquency.

It will take up to 7 1/2 years to clear a foreclosure from your record

IF you already have a job, you will not lose your job only because you foreclosed on your home.

However, a foreclosure could affect you if you go looking for a new job, or if you lose your current job and need to find a new one. That depends on what kind of job you are applying for. Most employers care more about your work ethics and work habits which they get from speaking to a former employer, not from looking at your credit report.

I imagine foreclosure could cost him the job he has, if he were in a field with serious background checks and security issues. A downgrade in security status, clearance, etc, could prevent him from doing his job... but if he's in a field with this sort of issue (defense industry, maybe security or banking), I imagine he's well aware of it.

piggington readership is growing...

Not only will your friend have this on his credit for 7 years, but he'll be hit with the taxes too:

http://calculatedrisk.blogspot.com/2007/...

There is no easy out from a big commitment such as a home purchase.

Some employers run background checks on a yearly or bi-yearly basis for their current employees - so it's not longer "good enough" if you pass the entry one on the way in.

Neither home ownership nor bankruptcy should be taken lightly IMHO - along with job security.