U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 02-08-2008, 10:52 AM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,475 posts, read 13,839,440 times
Reputation: 6359

Advertisements

Credit scores are hurt much more by missing multiple payments - on credit cards, cars and so on - than by a single foreclosure.

Don't forget..these are the people who trademarked FICO.

Thanks to the Mortgage Debt Relief Act of 2007...Previously, if a bank sold a foreclosed home for less than the mortgage balance and it forgave the difference, the borrower had to pay tax on that difference as if it were income. Now the IRS will ignore it.

Troubled borrowers are walking away from their homes - Feb. 6, 2008

According to the article, you could be able to buy a home again...in 3 years or so. Hey, that's faster than a bankruptcy!
Reply With Quote Quick reply to this message

Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top