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Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 4,591,647 times
Reputation: 677
Aw man...not sure if I would have posted that link for the world to see (unless you have it in for your aunt).
I don't think she'll be getting much business from this thread
As far as credit rating, it's a 10-year hit. One time, regardless of quantity of defaults. Not sure about the scores themselves.
Why am I not surprised.....
This is what is happening in my area as well...mostly realtors/sales rep. for the builders, are defaulting on
the many homes they bought and the greed came to hunt them.
Does anyone know how it will affect your credit score if you default on more than 1 home at the time...can you have a minus score....
Casey Serin of iamfacingforeclosure.com (who is from Sacramento) saw his score go from the 800's to 350 after he defaulted on eight houses and maxed out about a dozen credit cards, which all defaulted as well, trying to keep up. He finally had to take all the cash out of his bank account because the bank was trying to use it to pay down some of his debts. I think the banks ultimately lost about $350K just because of his six foreclosures, never mind the credit-card writedowns.
his score go from the 800's to 350 after he defaulted on eight houses and maxed out about a dozen credit cards, which all defaulted as well, trying to keep up
Is there a formula to determine deduction of credit scores? I'm assuming it's cumulative. How much will it be to default on just one house?
Sure I can explain it. In the article there is a person who stated he is religous and knew this was not how his religious was standing for, but still did what he did....well Obama's church is preaching hate and that has also nothing to do with religion. For him to sit in a church that is preaching hate while kids are sitting there and not getting it until the media is reporting about it...which took 20 years....well that is IMO such a lck of judgment and the people described in the article are similar...lack of judgment and selfish, and they should be legally held responsible.
sorry but I still don't get your point
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Okay...???
