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ucodegen.
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October 21, 2007 at 10:48 PM #10682October 21, 2007 at 10:52 PM #90462
Daniel
ParticipantBayNegative, I’m afraid that this might be the wrong site for a question like that. There certainly are people here who know the answers, but there are many more that will take great pleasure in eating you alive. Just be warned…
October 21, 2007 at 10:52 PM #90471Daniel
ParticipantBayNegative, I’m afraid that this might be the wrong site for a question like that. There certainly are people here who know the answers, but there are many more that will take great pleasure in eating you alive. Just be warned…
October 21, 2007 at 10:55 PM #90464BayNegative
ParticipantI just wanted to add an additional question regarding forclosure. Does anyone have a more accurate time frame of how long this can taint ones credit? I’ve heard variations of 5-10 years but don’t know what determines so.
This has been a very frustrating time. I have managed an average credit score of 795-811 through out life and something like this comes along.
October 21, 2007 at 10:55 PM #90473BayNegative
ParticipantI just wanted to add an additional question regarding forclosure. Does anyone have a more accurate time frame of how long this can taint ones credit? I’ve heard variations of 5-10 years but don’t know what determines so.
This has been a very frustrating time. I have managed an average credit score of 795-811 through out life and something like this comes along.
October 21, 2007 at 10:58 PM #90466SD Realtor
ParticipantBaynative –
First off I would advise you to talk to your lender in both cases to discuss the situation. This is by far the most important thing to do.
Second, there will be good advice on this board, but take it with a grain of salt and seek qualified professional guidance on the situation.
Third, yes any loans made to you that have not been used for original purchase money for a home are loans that the lender can come to try to get back from you. So even though the refi you did was for another home, technically (I believe) that they can come to try to get it. Again, this is just an opinion so don’t take it as anything more then that.
Fourth, repeat of first, TALK TO YOUR LENDERS! Best of luck.
SD Realtor
October 21, 2007 at 10:58 PM #90475SD Realtor
ParticipantBaynative –
First off I would advise you to talk to your lender in both cases to discuss the situation. This is by far the most important thing to do.
Second, there will be good advice on this board, but take it with a grain of salt and seek qualified professional guidance on the situation.
Third, yes any loans made to you that have not been used for original purchase money for a home are loans that the lender can come to try to get back from you. So even though the refi you did was for another home, technically (I believe) that they can come to try to get it. Again, this is just an opinion so don’t take it as anything more then that.
Fourth, repeat of first, TALK TO YOUR LENDERS! Best of luck.
SD Realtor
October 21, 2007 at 10:58 PM #90477BayNegative
ParticipantDaniel, I realize so. As you can tell I am somewhat on my last straw. If members would like to so called eat me alive, so be it. I am at a point where there can be no more damaging news than what already exists. I am just desperate for better answers. To those who can help or possibly point me in the right direction…thank you in advance.
October 21, 2007 at 10:58 PM #90468BayNegative
ParticipantDaniel, I realize so. As you can tell I am somewhat on my last straw. If members would like to so called eat me alive, so be it. I am at a point where there can be no more damaging news than what already exists. I am just desperate for better answers. To those who can help or possibly point me in the right direction…thank you in advance.
October 21, 2007 at 11:05 PM #90470BayNegative
ParticipantSD Realtor,
Thank you for the advice. I will talk to my lender when/if the time comes near. As of now, I am holding on and am attempting other options.
October 21, 2007 at 11:05 PM #90479BayNegative
ParticipantSD Realtor,
Thank you for the advice. I will talk to my lender when/if the time comes near. As of now, I am holding on and am attempting other options.
October 21, 2007 at 11:25 PM #90476TemekuT
ParticipantI’d be more concerned about the net debt relief via a 1099 coming your way for any loan on a refinanced property goes into foreclosure. That, plus the possibility of a judgment if the lender choses to pursue available legal remedies. We’ll see what the senate does with forgiveness and/or repeal of current IRS statutes.
You can survive bad credit by paying cash and placing huge deposits and prepayments on rentals, and the same on cars or leases.
October 21, 2007 at 11:25 PM #90485TemekuT
ParticipantI’d be more concerned about the net debt relief via a 1099 coming your way for any loan on a refinanced property goes into foreclosure. That, plus the possibility of a judgment if the lender choses to pursue available legal remedies. We’ll see what the senate does with forgiveness and/or repeal of current IRS statutes.
You can survive bad credit by paying cash and placing huge deposits and prepayments on rentals, and the same on cars or leases.
October 22, 2007 at 10:24 AM #90527Diego Mamani
ParticipantThat banks would lend in excess of $800K to someone who can’t spell ‘foreclosure’ or ‘disastrous’ is another clear sign of the crazy times we lived in 2003-2005.
I think what is disastrous is how much house prices were inflated by specuvestors playing with funny money. I’m glad that this house of cards if now crumbling, albeit in slow motion.
As they say in another forum, Got popcorn?
October 22, 2007 at 10:24 AM #90538Diego Mamani
ParticipantThat banks would lend in excess of $800K to someone who can’t spell ‘foreclosure’ or ‘disastrous’ is another clear sign of the crazy times we lived in 2003-2005.
I think what is disastrous is how much house prices were inflated by specuvestors playing with funny money. I’m glad that this house of cards if now crumbling, albeit in slow motion.
As they say in another forum, Got popcorn?
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