Icecream asked:
If someone with an A paper loan goes into foreclosure because their home is worth less than half the value of the mortgage therefore bank does not approve short sale, and they lost their job, how does the process work? This would be for CA. And how long does it stay on the credit report and would existing credit card rates go up?
If someone with an A paper loan goes into foreclosure because their home is worth less than half the value of the mortgage therefore bank does not approve short sale, and they lost their job, how does the process work? This would be for CA. And how long does it stay on the credit report and would existing credit card rates go up?
At this point it doesnt–As of Monday afternoon most lenders have suspended Foreclosures and Short-Sales—The rest will follow Tuesday. That is to give the President time to hammer out details of The Foreclosure Rescue Act. Its all over the news
I would check out
Icecream,
Not sure you did any checking but Steveko7 is correct. Here is a quick link;
That being said, this is only a temporary thing so you want to be prepared.
My brother up in Boston was about to go through a foreclosure but ended up holding things off. He said he purchased a book from.
I know, he’s up in Boston, why did he get a book from Vegas….evidently a friend of his is going through the same thing who lives in Vegas and told him about this book.
Anyway, he said the book answered a ton of questions and save him thousands in lawyer and loss mitigation fee’s.
Hope this helps a little bit….
Todd