Bankruptcy vs job lose – which one is correct?

[5yearwaiter]

A friend of mine had house purchased at high stake at 2005. With the prevailing housing trend when he re-finance his loan after year, sure he is going to pay a big big bucks. He is also sure not going to get house price that he purchased. But somehow my friend is in the impression he can simply follow the bankrupt or until NOD. Moreover he can take benefit in NOD as believes his current job will continue and this kind of mortgate bankruptcy would stay only 2 years in his credit files. If any mortgage bankruptcy situations, can any one lose current job? or still they can continue the job?. Is this kind of bankruptcy really hunt us 2 years only?

[(former)FormerSanDiegan]

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

All your base are belong to us.

[(former)FormerSanDiegan]

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

All your base are belong to us.

[(former)FormerSanDiegan]

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

All your base are belong to us.

[lendingbubblecontinues]

finally said someone did what thinking had been

[lendingbubblecontinues]

finally said someone did what thinking had been

[lendingbubblecontinues]

finally said someone did what thinking had been

[JPJones]

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.

[JPJones]

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.

[JPJones]

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.

[lniles]

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

Now I feel mean… 🙁

[lniles]

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

Now I feel mean… 🙁

[lniles]

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

Now I feel mean… 🙁

[SHILOH]

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.

[SHILOH]

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.

[Author]

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