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Answers (7)
Best Answer
- wetdawgs
- Contributions:26854
It will be on your credit report for seven to 10 years, depending on the exact details. As it isn't sold yet, the clock properly hasn't started counting yet.
Two years after that date is the absolute earliest you could apply for a mortgage, or perhaps longer depending on the details. A good down payment, and improvement of credit score will be critical.
If you owe $39,000 and it sells for $10,000, you will not have any money for another house from that one because all the proceeds will go to the lender and you will have a short sale, deed-in-lieu or foreclosure on your record.
If you are considering "rent to own" or "lease to own", then be aware that many owners request a down payment, and only the amount of rent above and beyond market value rents contributes to the property payment. These are very tricky, and many people consider them foolish.
It sounds like renting for a few years would be of great benefit to your financial resilience for home ownership in the future.
Two years after that date is the absolute earliest you could apply for a mortgage, or perhaps longer depending on the details. A good down payment, and improvement of credit score will be critical.
If you owe $39,000 and it sells for $10,000, you will not have any money for another house from that one because all the proceeds will go to the lender and you will have a short sale, deed-in-lieu or foreclosure on your record.
If you are considering "rent to own" or "lease to own", then be aware that many owners request a down payment, and only the amount of rent above and beyond market value rents contributes to the property payment. These are very tricky, and many people consider them foolish.
It sounds like renting for a few years would be of great benefit to your financial resilience for home ownership in the future.
- Rosina Keller, "dinomite1"
- Contributions:28
Considering the house is only worth $10,000 won't they see it that way the house is paid in full seen the house is only worth $10,000 and they said they would take $4,000 and pay it off? HOw do I go about doing a short sale and can you do it to a house that is in jeperdy of getting sold in a tax sale? My friend owes taxes like $2,100 in back taxes can she do a quick sale to pay the taxes and then move to a rental house or buy another house or what would she do ? Kathy wants to pay the taxes up but don't have the moeny to do it can she do a quick sale on it?
- Rosina Keller, "dinomite1"
- Contributions:28
are you going to give me an answer to my question how long will it be on my credit report ? And how do I get rid of this house or do I have to sell this house to get rid of it?
- Rosina Keller, "dinomite1"
- Contributions:28
No I haven't saved up enough for a downpayment I'm hoping to find one on contract hope no down pmt then when I get the home sold I live in I can pay it off.
- Rosina Keller, "dinomite1"
- Contributions:28
This happened two years almost ago I haven't paid the mortgage. I moved out and asked them to take the land in lue and they said only if I signed up with a realtor which I did for almost 2 years and the would take the land in lui back. I then told them thay the realtor said it was only worth $10,000 not the $39,900 that is owed they then wrote it off as a loss but I'm still responsilbe for it. No I was buying the home and got a mortgage to p[ay the owner off and fix the house up with the loan and I did fix it up some but to much work still needs done to it, they then said they would take $5,000 pay off. I still haven't been able to sell the house.
- Valarie Kubacki, "nwihomes4sale"
- Contributions:144
I think you are talking about a deed in lieu and yes that would show up on your credit.
- wetdawgs
- Contributions:26854
Help us understand a bit more. Was the house a short sale or a foreclosure or are you still living in it and want to get rid of it? If so, when did this happen? With both, there is a waiting period before you can get another mortgage.
This is something that is best considered step by step. You understand that the previous house has impacted your credit, are there other things pulling your credit down? Take actions to improve your credit.
Have you saved up a down payment plus closing costs plus slush funds for home maintenance (which you are aware can be extensive and expensive). If you can't afford or do home maintenance yourself, a rental may be the best option.
Good luck.
This is something that is best considered step by step. You understand that the previous house has impacted your credit, are there other things pulling your credit down? Take actions to improve your credit.
Have you saved up a down payment plus closing costs plus slush funds for home maintenance (which you are aware can be extensive and expensive). If you can't afford or do home maintenance yourself, a rental may be the best option.
Good luck.
bought 7 years ago banker said sell it through realtor they take land indeed they wrote it off now?
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