Sentences with phrase «foreclosure on your credit history»

If you've got some late payments, a collections account or two, or a foreclosure on your credit history, you might as well leave the prime credit card companies alone.

Not exact matches

If you have a bankruptcy filing or foreclosure on your report, now's the time to start rebuilding your credit history by obtaining some secured credit and making regular, on time payments.

The success of your application depends on a combination of each prospective creditor's standards and the other factors that comprise your credit profile, such as your payment history, ratio of balances to available credit, and derogatory events, including any bankruptcies, foreclosures or evictions.

This might be done by someone who had a bad stain on their credit history such as a bankruptcy or foreclosure, or possibly by someone just out of school (presumably with few or no student loans), and no credit history.

Bad credit personal loans can also be availed by people who are on the verge of bankruptcy, or who have experienced foreclosure on their property, apart from those with a bad credit history.

With hard money loans, you aren't judged based on your income, credit past, history of foreclosure, outstanding debt, job status, marital status, or other fine details.

Your credit history is largely affected by your previous payment history, which means that if you have any major defaulting, bankruptcy or foreclosure on your account, you are most likely to have a lower score.

Repeated failure to pay your mortgage on time can result in late fees, negative reporting in your credit history, and ultimately foreclosure.

There is no credit check or credit inquiry, which means that lenders with all types of borrowing histories qualify to receive this loan, even those who have had bankruptcy, repossession, and even foreclosures noted on their credit file.

In the mortgage lending industry, if you've fallen behind on your credit cards or other loans or your history shows a foreclosure, bankruptcy, or auto repossession, it may be very hard to get a loan.

Mortgage lenders will review the last three years of your credit history so it will be important to document in writing why you have a past foreclosure on your credit report.

Under current regulations, a PLUS loan applicant is considered to have an adverse credit history if the credit report shows that the applicant is 90 days delinquent on any debt, or has been the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write - off of a title IV, HEA program debt in the five years preceding the date of the credit report.

If a homeowner can sell the property during this time, he or she may be able to avoid foreclosure proceedings, and its negative effect on their credit history and future prospects (see Getting a Mortgage After Bankruptcy and Foreclosure).

A foreclosure will stay on a credit for up to seven years significantly impacting a borrower's credit history and credit score.

In the past, banks have suffered huge losses with so many properties going into foreclosure and short sale that they have become increasingly more dependent on an individual's credit history in determining their ability to make timely payments.

The minimum time between the completion of a foreclosure and when you can be approved for an FHA loan is as little as three years or as many as five years based on your credit history during that period of time.

So having access to this sort of toxic product often times would precede the ball going down the hill in terms of landing into foreclosure which we know would result in a negative history on one's credit history.

Furthermore, the Great Recession has seen additional damage to worker's credit histories from foreclosures, slashed credit lines on credit cards, and other fallout from the economic crisis.

Adverse credit history is defined in 34 CFR 682.201 (c)(2)(ii) as not being 90 or more days late on repayment of a debt or having had a write - off of a Title IV debt, default, bankruptcy discharge, foreclosure, repossession, tax lien or wage garnishment in the past five years.

Many of these homeowners had good credit records and a strong history of on - time, in - full payments prior to their foreclosures, but lost their homes due to the financial meltdown when they lost their jobs or their monthly mortgage payments rose due to adjustable mortgage rates (ARMs).

Scoring models take into account bankruptcies, foreclosures and missed / halted payments, and having any of these in your credit history can have a long - lasting impact on your ability to apply for credit in the future.

In terms of the effect on your credit history, a deed in lieu of foreclosure - where you voluntarily «give back» your property to the lender - or a short sale - when the lender agrees to write off a portion of the loan that is higher than the value of the home - is not as adverse as a forced foreclosure.

However, these may be more beneficial in the long run for the borrower than an official foreclosure action because it has less of a long - term impact on their credit history (the bank may also waive any deficiency against the borrower).

In terms of the effect on your credit history, a deed in lieu of foreclosure — where you voluntarily «give back» your property to the lender — or a short sale — when the lender agrees to write off a portion of the loan that is higher than the value of the home — is not as adverse as a forced foreclosure.

In terms of the effect on credit history, a deed in lieu of foreclosure or a short sale are not as adverse an event as is the forced foreclosure.