Will I Get Sued For Repo? Written contracts on auto loans have a four-year limitation in California, but only if the lender attempts to sue you in court. Actual repossession of a vehicle, which doesn’t require a lawsuit to begin with, can happen at any time during which you have an active lien on the
How Long Is Your Credit Ruined After A Foreclosure? A foreclosure stays on your credit report for seven years from the date of the first related delinquency, but its impact on your credit score will likely diminish earlier than that. Still, it’s likely to drag down your scores for several years at least. How long
How Does Foreclosure Affect Financial Aid? The federal government offers financial aid that is dependent on your prior year’s income. You also can apply for private student loans with any financial institution offering it. Foreclosure affects your ability to get financial aid when it increases your taxable income or lowers your credit score. Does having
How Can I Build My Credit After A Foreclosure? In general, though, you can expect a foreclosure to drop your score by 100 or more points, according to a 2011 report from FICO, a credit scoring agency. It can take up to seven to 10 years for your score to recover entirely, FICO also found.
Can I Get A Foreclosure Removed From Credit Report? Removing foreclosures from your credit report requires filing a dispute with each of the three major credit bureaus. These credit bureaus have the right to dismiss any disputes they deem frivolous. The credit bureaus examine each dispute’s communication and proof before deeming it worthy of being
Does Virginia Allow Deficiency Judgment? The difference between the sale price and the total debt is called a “deficiency balance.” Many states, including Virginia, allow the lender to get a personal judgment, called a “deficiency judgment,” for this amount against the borrower. Which states allow deficiency judgments? What States Allow Deficiency Judgments? Most states allow
Are You Allowed To Repair Request For Short Sales? If you request a repair, the seller has the right to ignore, deny, or agree to the request, or attempt to negotiate a compromise. Can you walk away from a short sale? Short sale response times vary between a minimum of 30 days to several months
Can I Buy A House With A Car Repo? Yes, it IS possible to get a home loan approved for an FHA mortgage in the aftermath of a foreclosure, repossession of a car, bankruptcy filing, etc. But the sooner you apply after one of these credit events, the worse your chances of getting the loan
Can I Get A Mortgage 2 Years After Foreclosure? It is unlikely that you will get a mortgage loan within two years of a foreclosure, since the minimum seasoning, or wait period, is three years. Federal Housing Administration lenders might reduce the wait period to two years if you can show that the foreclosure was
What Are The Foreclosure Laws In Pennsylvania? In Pennsylvania, the lender has to send you (the borrower) a notice of intent to foreclose at least 30 days before starting a foreclosure. The notice must give you the chance to catch up on the payments, called “curing the default.” The Pennsylvania Supreme Court ruled in the