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Old 08-12-2008, 09:05 AM
 
Location: TX
740 posts, read 1,805,740 times
Reputation: 295

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She's a seasoned realtor, or so she has claimed (20+ years experience). Don't know about her investment chops. She did have reserves but greed overcame her at some point. (She wouldn't admit to it.) Like most people, she did not expect the housing slump to be as severe as it is. Of the other seven, she signed a property at the same time as ours, and got three more after that. With our property, we signed when it wasn't built yet. The idea was to sit on it for a year or so and then sell. Except she didn't. She had all these houses and didn't cash in when the time was right.

I'm not worried about the 10-year bad credit. As long as I can keep the necessities, and move on and move out of state when I want to.
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Old 08-12-2008, 11:55 AM
 
Location: Houston, Texas
10,425 posts, read 43,509,537 times
Reputation: 10328
The traditional time spans where ones credit is hurt might have to change. The amount of foreclosures is higher then it has ever been. Even higher then 1928 and it's still getting worse every day.

In places like Stockton, Ca and Las Vegas which are the worst housing markets on earth you have 1 out of every 27 homes in foreclosure. Let me repeat that so you know it was no misprint. 1 out of every 27 homes are in foreclosure.

That being said.....with all these millions of normal hard working people who now have a foreclosure on their score, they will start finding that they wont even be able to rent for several years. Many apartments wont even rent to these people because of their credit score.

If lenders and landlords dont lighten up on the traditional tough standards then there is going to be a whole lot of homeless people roaming the streets in due time.
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Old 08-13-2008, 12:09 AM
 
Location: Norcross GA
983 posts, read 4,025,992 times
Reputation: 461
Funny thing is that even apt complexes are laxing the rules knowing that so many are in foreclosure and will need a place to rent. I worked in property management and talked to an ex coworker and she told me that they ARE renting to all those people that have foreclosures. And this a pretty decent property and community out in Redlands CA.
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Old 08-13-2008, 08:51 AM
 
Location: TX
740 posts, read 1,805,740 times
Reputation: 295
It's good that there is compassion out there. People need a place to live. I hope that apartment managers continue with the formality of credit check to make sure that - aside from foreclosure - they don't have any other questionable negatives.

Last edited by phoenix_talons; 08-13-2008 at 09:49 AM..
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Old 08-13-2008, 08:59 AM
 
Location: Indore
7 posts, read 21,806 times
Reputation: 10
yeah 7 years they keep in you in picture, may be after that they issue a loan, but in most of the cases defaults are dealt very strongly
vik
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Old 08-13-2008, 02:52 PM
 
Location: TX
740 posts, read 1,805,740 times
Reputation: 295
To those who have experienced or handled foreclosures, what happens next after default? Who has to do what? Will there be a court hearing?
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Old 08-14-2008, 02:39 PM
 
Location: Pennsylvania, USA
5,217 posts, read 4,111,192 times
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Quote:
Originally Posted by phoenix_talons View Post
To those who have experienced or handled foreclosures, what happens next after default? Who has to do what? Will there be a court hearing?

It depends on the state. Here in NY, if you short sell you don't do anything. If you ahve a foreclosure you do nothing either. This is a state where they do not come after you for the definciency. When it's done, it's done.

and in the past you would recieve.. a 1099c (not sure of the name) with t he difference between what they recieved and the balance you owed and would have to report that as income. Thank fully for the years 2007 - 2009 it is forgiven and you do not have toreport it as income.
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