Comments on: Borrowers Should Be Aware of the Effects Foreclosures, Bankruptcies and Shorts Sales Will Have on Their Credit

By: Levi Salmans | Orlando Horse Properties » Know the Credit Consequences

Levi Salmans | Orlando Horse Properties » Know the Credit Consequences — Tue, 17 Nov 2009 14:58:10 +0000

[...] five years and up to seven years as well, which include making a minimum 10% down-payment, having a credit score of at least 680, and having limited cash-out refinance options. Also, the purchase of second homes [...]

By: Can I buy another home after I sell my home in a short sale? — Arizona Real Estate Notebook

Thu, 29 Oct 2009 19:58:48 +0000

[...] “How will my pending short sale [foreclosure or bankruptcy] effect my ability to borrow money to buy …“ [...]

By: Bob

Bob — Wed, 21 Oct 2009 03:50:56 +0000

Thank you for putting this information together. I have several clients who are considering short sale vs. foreclosure and I have been suggesting that the short sale is a better route from a credit score standpoint. Now I would like to know what remedy the banks may have after the fact. .-= Bob´s last blog ..Want to know Why there seems to be a Sellers Market? =-.

By: Stephen Davis

Stephen Davis — Tue, 20 Oct 2009 20:35:36 +0000

Finally, someone put this together in a way anyone can understand it. Thanks.

Many people lost their homes to ARM’s and bank fraud, however, most lost it due to living beyond their means and keeping up with the Jones. Ego based living will kill your credit and offers no peace.

By: Eric Schwager

Eric Schwager — Tue, 20 Oct 2009 16:29:19 +0000

thanks, good to know this information. One thing I always wonder is, with so many millions of Americans going through foreclosure or maybe short sales if they’re a little bit luckier, will we have a nation where such a large number will have their credit shot for 5-7 years? With such massive numbers of people in these circumstances, doesn’t this reduce the stigma, and consequently, wouldn’t this reduce these penalties? With unemployment high, we expect continued foreclosure activity, so this will continue for some time.
.-= Eric Schwager´s last blog ..ForeclosureRadar.com releases the California Foreclosure Report =-.

By: Liz

Liz — Tue, 20 Oct 2009 14:15:30 +0000

What a joke. The rules are always changing, the government implements the “HOPE” program that took lenders 3-4 months to figure out once our president signed it into effect. Do you really think people care? In case you haven’t noticed the only people who are getting rewards these days are the ones who DON’T pay! My family is experiencing hardships like everyone else so where is my reward for paying my bills…

By: Tim Smith

Tim Smith — Tue, 20 Oct 2009 03:32:10 +0000

Christina, do you have the direct link to the guidelines?

By: Dave Sharp

Dave Sharp — Mon, 19 Oct 2009 21:01:04 +0000

In other words, be responsible and take care of your bills, or suffer the consequences?