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House about to be foreclosed...

Date: Sat, 08/19/2006 - 14:42
Submitted by ttjones19846 on Sat, 08/19/2006 - 14:42
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My husband doesn't make enough to pay our mortgage the month after next. He's been struggling trying to find a better job in St. Louis. I've also been looking for a job for a while now. We have tried everything to keep this house. Right now we are trying to sell it with no luck of finding a buyer. My question is though if your house get foreclosed on how long does it take to be able to get another loan on a house? How bad does it hurt your credit? Right now hes got a credit of about 750 so I have a feeling its going to get impacted greatly. I've been praying for two months now and nothing has happened.


Hi ttjones

Your husband's credit scores at this stage are decent enough to bag a good deal from your bank. If you have a good business relation with your bank, approach them first for the loan amount. They will likely offer you the loan before your credit gets ruined later.

Opening a new loan account does not hurt your credit adversely unless you are missing the monthly payments. Be prepared that you are going for a loan and you have to plan your future finances in that way. Calculate your monthly expenses and utilities and then look out for a second job, if needed. Don't allow the debt to income ratio go higher.


Submitted by Christina on Sat, 08/19/2006 - 14:52

Christina

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have you considered any type of consolidation program in order to stop foreclosure? Also, with a credit score like that, have you looked into refinancing to save money?

There are a lot of options available to you..A counselor will be calling you within a few days, they can give you great advice and point you in the right direction.

Good luck, please keep us updated.


Submitted by finsfan13 on Sat, 08/19/2006 - 15:09

finsfan13

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Well ttJones,

I will first suggest that you continue to pray about this situation. It can go a long way.

Now, before you think foreclosure, I would recommend that you make every attempt to sell it while you are looking for a job. Get rid of it. Register with an employment agency and check every employment website available.

Also, you may try registering your house with real estate websites. Sometimes those sites are best at finding buyers. Although the market is a bit slow, I think that a little hard work might pay off.

You can also think about asking family and friends for assistance for these few months while you try to find a buyer.

You can also try to even rent out the property and move into somewhere smaller.

These are all options you should consider before allowing it to go into foreclosure. Because a foreclosure will stay on your credit report for 7 years. After the 7 years you will have to write all three credit bureaus and ask them to remove it.

So don't allow a foreclosure proceeding to begin.


Submitted by benjaminz6 on Sat, 08/19/2006 - 23:11

benjaminz6

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