- This topic has 60 replies, 9 voices, and was last updated 15 years, 9 months ago by
92027_guy.
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February 7, 2009 at 8:12 PM #15001February 7, 2009 at 9:18 PM #342704
HLS
Participant92126,
You get credit for stepping up and facing this.Why are you filng BK ?
If you have your original purchase loans, Foreclosure should be non recourse debt and will only be on your credit report for 7 years.
BK will be on your credit report for 10 years.
Your wife’s credit should not be affected with FC.By current FNMA guidelines today, you have no chance of getting a mortgage for 5 years.
(THAT WILL PROBABLY CHANGE)
FHA may have a shorter window.Do you have a pile of other debt that you are trying to escape ??
If your wife can qualify with just her income & credit score you will be able to buy sooner.
February 7, 2009 at 9:18 PM #343139Participant92126,
You get credit for stepping up and facing this.Why are you filng BK ?
If you have your original purchase loans, Foreclosure should be non recourse debt and will only be on your credit report for 7 years.
BK will be on your credit report for 10 years.
Your wife’s credit should not be affected with FC.By current FNMA guidelines today, you have no chance of getting a mortgage for 5 years.
(THAT WILL PROBABLY CHANGE)
FHA may have a shorter window.Do you have a pile of other debt that you are trying to escape ??
If your wife can qualify with just her income & credit score you will be able to buy sooner.
February 7, 2009 at 9:18 PM #343167Participant92126,
You get credit for stepping up and facing this.Why are you filng BK ?
If you have your original purchase loans, Foreclosure should be non recourse debt and will only be on your credit report for 7 years.
BK will be on your credit report for 10 years.
Your wife’s credit should not be affected with FC.By current FNMA guidelines today, you have no chance of getting a mortgage for 5 years.
(THAT WILL PROBABLY CHANGE)
FHA may have a shorter window.Do you have a pile of other debt that you are trying to escape ??
If your wife can qualify with just her income & credit score you will be able to buy sooner.
February 7, 2009 at 9:18 PM #343030Participant92126,
You get credit for stepping up and facing this.Why are you filng BK ?
If you have your original purchase loans, Foreclosure should be non recourse debt and will only be on your credit report for 7 years.
BK will be on your credit report for 10 years.
Your wife’s credit should not be affected with FC.By current FNMA guidelines today, you have no chance of getting a mortgage for 5 years.
(THAT WILL PROBABLY CHANGE)
FHA may have a shorter window.Do you have a pile of other debt that you are trying to escape ??
If your wife can qualify with just her income & credit score you will be able to buy sooner.
February 7, 2009 at 9:18 PM #343266Participant92126,
You get credit for stepping up and facing this.Why are you filng BK ?
If you have your original purchase loans, Foreclosure should be non recourse debt and will only be on your credit report for 7 years.
BK will be on your credit report for 10 years.
Your wife’s credit should not be affected with FC.By current FNMA guidelines today, you have no chance of getting a mortgage for 5 years.
(THAT WILL PROBABLY CHANGE)
FHA may have a shorter window.Do you have a pile of other debt that you are trying to escape ??
If your wife can qualify with just her income & credit score you will be able to buy sooner.
February 7, 2009 at 9:35 PM #343271SD Realtor
ParticipantI would agree. You can stop paying on all the homes and even try to sell them short as well. Not sure why you are going the BK route unless you have exhausted other means.
February 7, 2009 at 9:35 PM #343035ParticipantI would agree. You can stop paying on all the homes and even try to sell them short as well. Not sure why you are going the BK route unless you have exhausted other means.
February 7, 2009 at 9:35 PM #343144ParticipantI would agree. You can stop paying on all the homes and even try to sell them short as well. Not sure why you are going the BK route unless you have exhausted other means.
February 7, 2009 at 9:35 PM #342709ParticipantI would agree. You can stop paying on all the homes and even try to sell them short as well. Not sure why you are going the BK route unless you have exhausted other means.
February 7, 2009 at 9:35 PM #343172ParticipantI would agree. You can stop paying on all the homes and even try to sell them short as well. Not sure why you are going the BK route unless you have exhausted other means.
February 7, 2009 at 9:54 PM #343276patientlywaiting
ParticipantI also agree with HLS and SD Realtor. Why BK when you can just walk from the houses.
Can’t believe that you spent thousands on loan mods. Who did you pay the money to?
Are you paying “advisers”? If so, you might be suckered again.
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Would you mind sharing with us your investing frame of mind when you purchased?
Some people still think that RE will do a V-shaped rebound thanks to the government. Be careful not the catch a knife the 2nd time around.
My brother said that his buddy in FL was investing in RE; became a tycoon; and is now left with not “a pot to piss in”. But that same buddy wants to invest in RE again and is trying to convince my brother to go in w/ him.
February 7, 2009 at 9:54 PM #343149ParticipantI also agree with HLS and SD Realtor. Why BK when you can just walk from the houses.
Can’t believe that you spent thousands on loan mods. Who did you pay the money to?
Are you paying “advisers”? If so, you might be suckered again.
*
Would you mind sharing with us your investing frame of mind when you purchased?
Some people still think that RE will do a V-shaped rebound thanks to the government. Be careful not the catch a knife the 2nd time around.
My brother said that his buddy in FL was investing in RE; became a tycoon; and is now left with not “a pot to piss in”. But that same buddy wants to invest in RE again and is trying to convince my brother to go in w/ him.
February 7, 2009 at 9:54 PM #342714ParticipantI also agree with HLS and SD Realtor. Why BK when you can just walk from the houses.
Can’t believe that you spent thousands on loan mods. Who did you pay the money to?
Are you paying “advisers”? If so, you might be suckered again.
*
Would you mind sharing with us your investing frame of mind when you purchased?
Some people still think that RE will do a V-shaped rebound thanks to the government. Be careful not the catch a knife the 2nd time around.
My brother said that his buddy in FL was investing in RE; became a tycoon; and is now left with not “a pot to piss in”. But that same buddy wants to invest in RE again and is trying to convince my brother to go in w/ him.
February 7, 2009 at 9:54 PM #343040ParticipantI also agree with HLS and SD Realtor. Why BK when you can just walk from the houses.
Can’t believe that you spent thousands on loan mods. Who did you pay the money to?
Are you paying “advisers”? If so, you might be suckered again.
*
Would you mind sharing with us your investing frame of mind when you purchased?
Some people still think that RE will do a V-shaped rebound thanks to the government. Be careful not the catch a knife the 2nd time around.
My brother said that his buddy in FL was investing in RE; became a tycoon; and is now left with not “a pot to piss in”. But that same buddy wants to invest in RE again and is trying to convince my brother to go in w/ him.
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