Why don't some of you go do some research on the subject instead of "essentially agreeing" with each other? It's not trading, where it's subjective....there are facts involved. it's not a matter of opinion, or agreement. Once you are discharged, your score starts over. Period. You cannot be held liable for any debts in the past (other than those you reaffirmed when you filed bankruptcy). Creditors may decline you credit based simply that they see a bankruptcy on your account....BUT, your score will be as high or higher than most because it has started over. Shit, even Suze Orman will tell you that. Seriously look it up. I work at a bank and see it all the time. It's total garbage and it's totally unfair, but I am telling you, I see this shit all the time.
This thread is pure ET gold. The minority with a clue being drowned out by the clueless majority. Look, one of the simplest lessons in financial life is that those that know how to and can prove they know how to build and manage their credit will prosper. A FICO score is the measure of this ability, PERIOD, pure and simple. Any FICO below 700 is basically shit ( unless you are just starting out in building credit). Now there are going to be loads that say this statement is crazy, but I bet they also have FICO's under 700. A bankruptcy and foreclosure both will KILL YOUR FICO. Never put your FICO in jeopardy, PERIOD. Only as a last resort is bankruptcy an option (it is way overused in the US and that's why those with superior FICO's get offers for the keys to the kingdom). Also when credit is extended to those with a bankruptcy, it's usually VERY LIMITED and VERY EXPENSIVE credit. Shit FICO's get shit rates. So what happens in mortgage default..... you lose your house and kill your FICO. That's it, plain and simple. If you can make it in this world without credit then don't worry about a FICO score, but for most this isn't an option (substantial wealth accumulation requires credit of some sort). Also what another poster listed about employers and credit checks, ABSOLUTELY TRUE! Especially if that employment requires things such as expense reporting or responsibility for a corporate card. Good Luck!
Thanks for the FYI I have. My wife is in mortgage banking. You think lending is completely objecive? Think twice before you reply.
I am in mortgage banking myself. Your Fico SCORE is fucking completely objective you moron. Lending is not totally objective, I never said it was. READ what I wrote. How bout you do a little thinking yourself? Jesus Christ. Good luck getting a mortgage if you have a bankruptcy in the past x amount of years,depending on the lender, but I am TELLING YOU, your FICO SCORE will be FINE as far as the SCORE (ie THE FUCKING NUMBER) goes..... Whether or not you get the loan because you have a bankruptcy is the part that is subjective. Don't talk about shit you don't know.
I am sorry if I struck a nerve bank teller. Didn't mean to hurt your feelings. I am actually trading while posting, not posting while servicing customers so you are right I may have missed a point. Have a good one.
LOL no you were just wrong and tried to argue. I had to make sure you knew you were wrong. Have a good one! Go ahead and admit it- say it with me..."I was wrong, Mr Bank Teller was right, and he schooled me about credit". See that was easy wasn't it?
In most states, a personal residence mortgage is "full recourse"... that is, you can't just "walk away from your house and let the bank have it back" so long as you have other assets from which the bank might collect. There are "non recourse" loans where you could just walk away, but because of that possibility banks will lend only 50-70% LTV.
If you stop paying it your credit will be ruined and they will foreclose on your house. They will see the house at auction and depending on which state you live in they will sue you for the deficiency balance, which being the difference between what you owe and what they got at auction when they bought it back, and their expenses. Houses are almost always bought back by the lender as buying a house at a foreclosure auction is very tricky. If they get a judgment against you it will stay on your credit for at least 7 years. Now in most states there is a statute of limitations on how long they have to sue you for a debt, generally 3 -6 years but there is often no limit on collecting a judgment against you. If you canât pay for your mortgage and afford the house, my advice is to talk to a lawyer. 1 Try and get the lender to take the house back and you get off the hook. It saves them money as they wonât have to foreclose on you or wait for you to go through a bankruptcy hearing. The longer they have to wait, the more money they can lose. 2. If no go on the above then you can look to file bankruptcy. The court sorts it out. The advantage here is they canât sue you as long as you live up to the terms of the bankruptcy. If you canât afford to pay the key is to do something proactive and deal with it. If you lose the house, your credit is trash anyway. If you file, you can rebuild your credit and donât have to worry about being sued. The worse is to get foreclosed on, trash your credit and then years latter get sued for the deficiency balance. If you are in this position, good luck
Go consult a reputable bkrptcy lawyer especially if your troubles are more than just the mortgage payment issue. I, Deviant -- special welcome is in order - that is one fkn cool handle. Best I've seen on the net in years.