 Rent increase not worth it.? |
| My lease just expired, and I received a notice to go into the office and, renew my lease. if I stay on a month too month basis I will be charged to going rate.My problem is that I have lived there ... |
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 What are all the things that can happen if i break a lease that still has a year left and currently and behind? |
| ive been layed off my husbands hours have been cut we can not afford this house anymore we have to move are financial state is not hte same as it was when we first move in if we leave what can happen ... |
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 I am selling my home and have a question on paying the buyer closing costs? |
| The market is horrific right now so as a small bonus I decided to pay HALF of the buyer's closing costs and I've already knocked off $25,000 for the buyer. I really think the buyer is ... |
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 How difficult is it to flip a house??? |
| My husband and I are considering purchasing fixer-upper homes, and reselling them to make a profit. However, we have no experience in doing so. I was wondering if anybody has any experience in doing ... |
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 Can a real estate agent take earnest money if your loan fell through? |
| My sister was trying to purchase a home. With the recent changes in credit scores, her loan didn't go through. Now the real estate agent has been telling her she has to sign a release of the ... |
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 (UK only) Have you slipped into negative equity yet? |
| It seems house prices are starting to tumdle in some ... |
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 I moved into my apt. 1 month ago. I haven't broken the lease, but my landlord is evicting me. What can I do? |
| In the lease it says my fiance and I can have no more than 4 kids everyother weekend. We have a total of 6. We had 4 of them over this weekend and the landlord came to our door telling us we have 2 ... |
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| A friend of mine never signed the lease to the apartment he lives in right now. it was suppose to be a 12 month lease and month to month thereafter. it is going on the 15th month of him living there.... |
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 Even if you had a beautiful home, would you move if the schools were not that good? |
| I live in a 4,000 square feet beautiful home in a town where the schools are not that great and we are paying a whole lot of taxes. We just received a letter from the board of education that our ... |
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 Need to break lease, but it's not stated that I can't. Do I still have to pay until they find new tenants? |
I need to move out early. My lease agreement is very very brief and only 1 page. It does not mention any
"penalties" to breaking it.
It states that it's a 1yr contract,... |
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 Is sending a down payment to someone you haven't met in person safe? |
| im trying to buy land. i found some good deals for sale by owner online. i contacted him via email and he sent me info by mail. If i want the land i have to send the down payment to hold the land for ... |
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 Mortgage and home buying advice needed!? |
| Just wondering if someone could help with a couple of queries. My boyfriend and I are looking to buy our first home together. He already has his own house which we are selling. We want to change ... |
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 Mortgage company always at our house? |
| Our mortgage company is a royal pain in the a-s-s. They send a representative to our house every other month, to do a "survey"- basically a guy knocks on our door at like 8 am. (Which is a ... |
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 So I am going to build a home in Western Michigan and all the bids have come back at $125 dollars a square foo |
| t. We were told that we could definitely build a home for under 115. What would be a good number considering the economy that we are in? We are really surprised that it came in so high. Our home ... |
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 Behind on mortgage payments/House for sale? |
| I'm behind on mortgage payments three months. I have a payment due before Saturday of this week and if I don't pay I'm sure foreclosure proceedings will start. Saturday is the ... |
|
 Whats the best way to choose a Real Estate Agent when Buying a Home? |
| We are looking at buying our first home and having a hard time choosing an agent. No one we know has bought or sold in recent years so there referals don't really help. We've checked ... |
|
 Is it Legal and can a Housing Authority in Pa. evict a tenants pet Dog because she has more than one(1*) Dog ? |
| The lease says she can only have one(1*) Dog in her apartment but she has two(2*).. They are threatening to evict her other Pet Dog but not her, just the Dog... Can this be possible without them ... |
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 Mortgage question - keeping my name off the loan? |
Is is possible to be married and NOT apply with my husband for a home loan?
His credit is much better than mine, but my income is higher. Also, I've bought a house before, so the first ... |
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aaboothe | Is going into foreclosure as bad as bankruptcy? |
We are considering going into foreclosure as a last end resort, however we don't want to kill our credit scores forever, so I wonder can anyone tell me,Is going into foreclosure as bad as bankruptcy? |
 |
 
loanmasterone
 |
There are a few things that you should understand about a foreclosure and a bankruptcy. Both are a bad idea.
If you are not in foreclosure now, you should make every effort to contact your lender and see if you can work out something with them.
They are as eager to work something out as you are in keeping your home. If the people you talk to on the phone are not your lender, but all they do is service your loan for the lender, ask for the number to your lender.
You are trying to contact the "Loss Mitigation Specialist/Manager" for you lender. Explain to them any problems you are currently having, especially if you have a adjustable mortgage that jumped a great deal.
The loss mitigation manager should be able to give you the options you might have to save your home from foreclosure.
A. Deed in lieu of foreclosure
B. Short Sale
C. Selling your property yourself( Good idea since you are not currently in foreclosure)(Refinancing your loan)
After seven years you are not required to state on the current mortgage loan application if you have had a foreclosure or a bankruptcy. The question on the current mortgage loan application is have you had a foreclosure or bankruptcy in the last 7 years?
Another thing, when you go do credit counseling it also appears on your credit report and in some instances mortgage lenders consider that as paramount to bankruptcy as you are mitigating your debt down and paying off a percentage of your debts.
So if you are considering credit counseling perhaps bankruptcy is a choice since you are gonna be penalized about the same when getting a new mortgage loan.
Check with a credit councelor find out the cost of services and how it affects your credit report. Then do the same with a bankruptcy lawyer. Then you can compare. Most of the two will give free up front information.
I hope this has been of some use to you,good luck.
"FIGHT ON" |
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Lisa
|
Maybe a step above...please, please get credit counciling first. I think every city has credit counciling centers funded by HUD. Look it up at www.hud.gov. |
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Moondog
|
Probably not quite as bad but have you tried to deal with the lender. If you work with them an cooperate as much as possible you might ease the situation somewhat. |
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Ron H
 |
Losing your home can be a priority for some people. In which case it may be possible to keep your home in bankruptcy. I think the bankruptcy stays on your score longer.
Have you thought about selling?
Bad is the relative term. If you do not need credit then it does not matter. Remember that guy who did not repay the $100-Million unsecured loan from the S&L days? He still feels great! |
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Virgo27
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Bankruptcy is worst, because it stays on your credit for seven years. You don't have to wait that long to buy a house after going into foreclosure. |
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wizjp
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arsenic and cyanide I guess. Both are going to kill your credit; Foreclosure indicates you got over your head on one loan and not your entire credit hsitory. |
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Jo
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both are bad. May be equally. But at some point it will be removed from your credit report. |
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RiddleMeThis
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Actually, forclosure is much worse than bankruptcy. A bankruptcy can last up to seven years depending on the type, but many credit companies can overlook it if all else is good since then. You can even buy a house with a bankruptcy in your past.
Forclosure, on the other hand, is permanent. If you ever fill out a mortgage app they will ask if you EVER has a forclosure. If so, they will not give you a mortgage. You can clean up credit, but not a forclosure.
If you are having problems making your payments on your house you can do one of two things. If you have equity, you can sell and try to pay off the loans you have and take any equity you can. If you are upside down (owe more than its worth) you can go to the lender(s) and ask them about short sales. A realtor who specializes in short sales would be a good person to talk to first. Often the banks will take less money than what they are owed to avoid having to forclose. That is basically a short sale. Yes, you lose your house and don't get any money in the sale, but you keep your credit and do not have a forclosure or bankruptcy to deal with. |
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Fatty
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sell your home. they are both bad and reported on loan applications for the next 7 years. honestly, i'd rather have a bankruptcy (BK) on my report and keep my house. You'd be surprised how quickly your credit rebounds from BK. You will have 15 credit card apps 1 day after your BK (ch. 7) is finalized. Foreclosure is EXPENSIVE. the bank not only takes your home, but will charge you for all expenses (legal fees, marketing, etc.) incurred by the foreclosure. Then they will place a lein against you and make you repay the difference. BK gets rid of debt not adds to it. BK is not as bad as people think. I can actually get you a home loan 1 day after BK discharge. one day out of foreclosure... good luck. 1 year out of foreclosure... good luck. it takes 3-4 years from foreclosure before banks are willing to let you back in. |
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