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Old 08-06-2008, 10:40 AM
 
Location: Barrington
63,919 posts, read 46,608,492 times
Reputation: 20674

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Most people are behind on payments when their home goes into foreclosure. Late payments show and impact credit scores.

Some companies will not hire anyone with a score less than X.
Some companies run annual credit checks on their employees, especially those in financially vulnerable positions.

Other companies, if given the choice between two otherwise equal candidates, may choose the one with the better credit score.

I am not sure an employer or new or existing creditor is going to look at late mortgage payments and foreclosure and different than any other delinquent debt.
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Old 08-06-2008, 10:53 AM
 
1,949 posts, read 5,972,181 times
Reputation: 1297
Quote:
Originally Posted by VMH2507 View Post
I think this is a really interesting thread in conjunction with the threads regarding people "buying and bailing". I think people are not thinking about all the ramifications of foreclosure - pre-employment credit checks, increased insurance costs, difficulty with finding rental home if necessary, etc. I know that people don't think that these issues might be lurking in the future, but a foreclosure stays on your report for a long time and you never know. I think it is particularly foolhardy for those who are just leaving their homes because they are unhappy about being upside down. I realize that that is probably not the case for this poster, but I had to add my $.02.

Yes, I agree. Someone mentioned on my buy and bail thread about buying a car. That might not be something someone might consider when they are bailing, foreclosing or whatever. You may need a new car in two years. Then what?
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Old 08-06-2008, 10:55 AM
 
1,949 posts, read 5,972,181 times
Reputation: 1297
Quote:
Originally Posted by redwine View Post
What is BK? When I filled out the application they mentioned the credit check and asked me a bunch of ethical questions. They asked me if I ever been arrested, steeling, money laundering etc. They never asked me if I foreclosed on a house. At what point of time in the interview should I bring this up if they don't.
" oh, and I am about to foreclose on a house, just to let you know".
I will follow you advice though.

Like I said previously, they will usually offer you and opportunity to ask questions during the interview process. That could be a good time to mention the foreclosure and offer up how it does not reflect on the kind of employee you would be but you wanted to be upfront about it.
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Old 08-06-2008, 10:57 AM
 
1,949 posts, read 5,972,181 times
Reputation: 1297
Quote:
Originally Posted by redwine View Post
What is BK? When I filled out the application they mentioned the credit check and asked me a bunch of ethical questions. They asked me if I ever been arrested, steeling, money laundering etc. They never asked me if I foreclosed on a house. At what point of time in the interview should I bring this up if they don't.
" oh, and I am about to foreclose on a house, just to let you know".
I will follow you advice though.
Sorry I double posted.

Last edited by tamitrail; 08-06-2008 at 10:58 AM.. Reason: double post
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Old 08-06-2008, 11:38 AM
 
69,368 posts, read 63,992,474 times
Reputation: 9383
Quote:
Originally Posted by redwine View Post
What is BK? When I filled out the application they mentioned the credit check and asked me a bunch of ethical questions. They asked me if I ever been arrested, steeling, money laundering etc. They never asked me if I foreclosed on a house. At what point of time in the interview should I bring this up if they don't.
" oh, and I am about to foreclose on a house, just to let you know".
I will follow you advice though.
You dont bring it up, unless they ask.. are you not making your mortgage payment or are you going to lose your home due to foreclosure.

After all, your home isnt foreclosed upon yet and by failing to disclose this fact, it has no bearing upon your employment, nor are you lying to them..
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Old 08-06-2008, 12:04 PM
 
10,005 posts, read 11,112,262 times
Reputation: 6298
Quote:
Originally Posted by tamitrail View Post
Sorry I double posted.
Now you triple posted
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Old 08-06-2008, 02:32 PM
 
1,949 posts, read 5,972,181 times
Reputation: 1297
Quote:
Originally Posted by jp03 View Post
Now you triple posted

Actually, I only double posted. One was for something different.
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Old 08-06-2008, 07:53 PM
 
Location: Memphis
951 posts, read 3,702,131 times
Reputation: 535
I am actually 33 days late with my mortgage payment.I thing I have to be 65 days late. Right now we have hired a foreclosure/short sale lawyer and we are trying to short sell our house. If we can't short sell it we will have to foreclose on it.
My interview is tomorrow
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Old 08-06-2008, 07:55 PM
 
Location: Barrington
63,919 posts, read 46,608,492 times
Reputation: 20674
Quote:
Originally Posted by redwine View Post
I am actually 33 days late with my mortgage payment.I thing I have to be 65 days late. Right now we have hired a foreclosure/short sale lawyer and we are trying to short sell our house. If we can't short sell it we will have to foreclose on it.
My interview is tomorrow
Only 33 days late and an otherwise good credit record....is a horse of a different color. No problem. Go get that job.
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Old 08-08-2008, 12:49 AM
 
Location: Memphis
951 posts, read 3,702,131 times
Reputation: 535
Well, I went to interview today with the corporate office. After the interview I received a phone call from the Branch Manager at the branch I would work, for another interview. So thats the progress so far. And the foreclosure thing never came up. Only my criminal history and so far a foreclosure or a short sale is not criminal.
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