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Old 08-11-2008, 11:25 AM
 
Location: TX
740 posts, read 1,806,934 times
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This is for South CA. How long does a damaged credit last? What are its consequences? One (for certain) is difficulty in securing re-financing.
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Old 08-11-2008, 01:22 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,101,195 times
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depends on what happened?

Foreclosure - 3yrs from discharged date
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Old 08-11-2008, 02:04 PM
 
Location: TX
740 posts, read 1,806,934 times
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Yup, foreclosure. What about consumer loans?
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Old 08-11-2008, 02:14 PM
 
Location: Pennsylvania, USA
5,217 posts, read 4,115,320 times
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Quote:
Originally Posted by renriq02 View Post
depends on what happened?

Foreclosure - 3yrs from discharged date

wow.. that's not as bad as I thought.. I thought it remains on your credit for 7 -10 years.
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Old 08-11-2008, 02:33 PM
 
Location: Cary, NC
1,036 posts, read 3,629,100 times
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Quote:
Originally Posted by TristansMommy View Post
wow.. that's not as bad as I thought.. I thought it remains on your credit for 7 -10 years.

Negative items remain on credit for 7 years (collections and late pays) or 10 years (BK, judgments, FC).

What renriq meant is that you can not qualify for a mortgage for at least 2 years (rarely), under most cases 3 years.
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Old 08-11-2008, 02:35 PM
 
Location: Stanwood, Washington
658 posts, read 614,281 times
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Quote:
Originally Posted by phoenix_talons View Post
This is for South CA. How long does a damaged credit last? What are its consequences? One (for certain) is difficulty in securing re-financing.
7 years on the credit report. But it is possible to live without credit, using lots of cash.
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Old 08-11-2008, 03:09 PM
 
Location: Pennsylvania, USA
5,217 posts, read 4,115,320 times
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Quote:
Originally Posted by rcarrillo View Post
Negative items remain on credit for 7 years (collections and late pays) or 10 years (BK, judgments, FC).

What renriq meant is that you can not qualify for a mortgage for at least 2 years (rarely), under most cases 3 years.

Well.. atleast you can try again in 2 or 3 years.. I wil probably in about 3 - 4.. but thank god my husband was not on this mortgage and his credit is clean..

Next house I will buy mostly cash.. I've found a nice rental.. super cheap for us but a house we would LOVE to buy someday.. so we'll rent until they are ready to sell and since it's on the cheap we can save a lot of cash (cost of living a lot lower where we are going). I'd rather not have any lending institution making money on me AT ALL!!

My experience with them is just not the best.. obviously...

but a FC is not the end of the world ( I am trying to short sell though).. I finally just realized that.. I have my husband, my beautiful son and my health.. that's all that really matters
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Old 08-11-2008, 03:51 PM
 
Location: Pennsylvania, USA
5,217 posts, read 4,115,320 times
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Just googled it..

A foreclosure will decrease your score by 240 points (ouch) and a short sale will decrease your score by 80 points..... (that's not so bad.. if you had a score of 680 you'll be a bout a 600..) .

Scores can be rebuilt.. just make sure you keep it clean for 2 years with the cards you have etc.

But 240 is an big ouch... eek.. much more rebuilding to do from that..
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Old 08-11-2008, 06:33 PM
 
Location: TX
740 posts, read 1,806,934 times
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On the home front, the property I co-owned with me dearest aunt just received notice of default. Also found out that four out of seven other properties she owns herself received notices of default. FC proceedings have begun.

I don't plan to own a house anytime soon. This is the best time to buy and I'm missing out on it.

BTW, can the bad credit period be compounded by number of FCs or defaults, or a one-time 10 years? Meaning if 4 foreclosures -> 40 years?
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Old 08-11-2008, 07:14 PM
 
Location: Cary, NC
1,036 posts, read 3,629,100 times
Reputation: 503
Quote:
Originally Posted by phoenix_talons View Post
On the home front, the property I co-owned with me dearest aunt just received notice of default. Also found out that four out of seven other properties she owns herself received notices of default. FC proceedings have begun.

I don't plan to own a house anytime soon. This is the best time to buy and I'm missing out on it.

BTW, can the bad credit period be compounded by number of FCs or defaults, or a one-time 10 years? Meaning if 4 foreclosures -> 40 years?

Was she a seasoned investor with reserves and a plan? Or was she just speculating and buying up lots of homes?

It isnt compunded luckily for some people now. If you had 4 foreclosures today in 10 years they should be removed from your credit record.
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