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Sharona
Joined: 28 Nov 2004
Posts: 5
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 Posted: Sun Nov 28, 2004 1:18 pm Post subject: Economy slump for real estate? |
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| A friend of mine heard on the news(in Dallas) last week, that due to the real estate market, that you can walk out of your house and foreclose and it wont go against your credit. It will be on your record but not your credit. She doesnt remember what station it was on...just on the News. This doesnt seem correct to me???? Did anyone else hear this? |
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Gem5298
Joined: 04 Dec 2004
Posts: 3
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| Posted: Sat Dec 04, 2004 5:52 am Post subject: Economy slump for real estate? |
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| Not true if it is on your "report" it will affect your credit rating.Your credit is shot after foreclosure. |
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I_Love_McRedneck1362
Joined: 09 Dec 2004
Posts: 5
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| Posted: Thu Dec 09, 2004 10:26 pm Post subject: Economy slump for real estate? |
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| NOT true. You can't be irresponsible and not expect any consequences.Here's a general rule of thumb: if it SEEMS too good to be true, then it probably IS too good to be true. |
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CWW
Joined: 15 Dec 2004
Posts: 4
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| Posted: Wed Dec 15, 2004 2:59 pm Post subject: Economy slump for real estate? |
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| This is definitely NOT true! Your friend misheard the information...or perhaps it was wishful thinking? If your friend is in trouble have them get some professional legitimate advice. |
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KennethC
Joined: 21 Dec 2004
Posts: 3
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| Posted: Tue Dec 21, 2004 7:33 am Post subject: Economy slump for real estate? |
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| I think she misunderstood what they were saying. The only way you can walk out of your house and not have it count against your credit is if you sign your home over to the bank voluntarily as opposed to having it foreclosed. Maybe that is what she meant. Forclosing your home will crush your credit score. |
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RyanM
Joined: 27 Dec 2004
Posts: 1
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| Posted: Mon Dec 27, 2004 12:06 am Post subject: Economy slump for real estate? |
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| It would appear as though your friend may have misunderstood what the news agency was reporting. Here are the facts. In most cases the lenders report your mortgage to the credit reporting agencies. Therefore if you get behind on your payments and they do foreclose it will most defintely report to your credit bureau. The only way it would not would be if your mortgage co. does not report you mortgage payment history. In that case if they foreclose, the foreclosure judgement will most likely be listed on your credit report. |
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godged6193
Joined: 01 Jan 2005
Posts: 7
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| Posted: Sat Jan 01, 2005 4:40 pm Post subject: Economy slump for real estate? |
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| NOT TRUE. She must have misinterpreted or misunderstood the news report. Any foreclosure will devastate your credit. |
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