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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: A lot fewer than before the foreclosure. Posted by Ward-CA- on December 20, 2001 at 3:14 PM In Reply to: What are my options now? posted by Jerry on December 19, 2001 at 9:55 PM : Due to the loss of my second job, a total loss car wreck and a break-in, I miss managed getting more and more loans to survive "in the meantime". Rather than solving the problem it put me deeper and deeper in debt, driving me to a Ch. 7 bankruptcy. Per my attorney's advice, I included the two mortgages on my house in the process for a voluntary foreclosure, towards a fresh start. : How long do I have to wait to buy another house? : How much the down payment will increase? : Am I gonna get the highest interest allowed? : I'd appreciate your advice on my options in the aftermath. : Jerry =?=?=?=?=?=?=?=?=?=?= Jerry, a bankruptcy action will not wipe out any secured debts, like a recorded mortgage or a recorded trust deed. So your credit picture might be more complex than you have supposed. A rule of thumb is that you will be dogged by a foreclosure record on your credit for the next two years and then it will start to ameliorate little by little after that for the next 5 years. You won?t be getting the best credit breaks afterwards and higher downpayments will be the rule of thumb. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : Due to the loss of my second job, a total loss car wreck and a break-in, I miss managed getting more and more loans to survive "in the meantime". Rather than solving the problem it put me deeper and deeper in debt, driving me to a Ch. 7 bankruptcy. Per my attorney's advice, I included the two mortgages on my house in the process for a voluntary foreclosure, towards a fresh start. : : How long do I have to wait to buy another house? : : How much the down payment will increase? : : Am I gonna get the highest interest allowed? : : I'd appreciate your advice on my options in the aftermath. : : Jerry : =?=?=?=?=?=?=?=?=?=?= : Jerry, a bankruptcy action will not wipe out any secured debts, like a recorded mortgage or a recorded trust deed. So your credit picture might be more complex than you have supposed. : A rule of thumb is that you will be dogged by a foreclosure record on your credit for the next two years and then it will start to ameliorate little by little after that for the next 5 years. : You won?t be getting the best credit breaks afterwards and higher downpayments will be the rule of thumb. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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