If there are so many people displaced because of the economy AND so many houses have been foreclosed on AND the new credit scoring system is tougher than EVER...... how are regular people gonna be able to buy a house again when their credit was ruined by the economy in the first place?? (I'm not talking about someone who got a $1Million loan on $30K a year income - I"m talking about regular middle class people who got slammed by the economy). It all seems like a huge pit of sticky mud to me.... And I also read that the 'bail-out' for foreclosures requires a person to be current on their house payment to qualify for the help..... if you're current, then you don't need the 'bail-out', but if you're behind and you DO need it, then you don't qualify. Am I the only one who sees this all as the biggest blunder ever??
Answer by foreverb3 at 9:47 AM on Mar. 7, 2009
Answer by LoriKeet at 8:10 AM on Mar. 7, 2009
Their credit isn't ruined by the economy like you mentioned. If people worked with their creditors and mortgage lenders from the beginning(when they lost their job, had a medical emergency, etc),FICO, Transunion have all said their credit score will not be AS negatively impacted as someone who NEVER made an attempt to contact creditors when they lost their job.
It's ALL about communication. Some people took action immediately. Some people didn't.
Answer by grlygrlz2 at 8:12 AM on Mar. 7, 2009
Answer by grlygrlz2 at 8:13 AM on Mar. 7, 2009
Answer by LoriKeet at 8:16 AM on Mar. 7, 2009
Answer by OneLove4Jesus at 8:18 AM on Mar. 7, 2009
Answer by grlygrlz2 at 8:19 AM on Mar. 7, 2009
Answer by akinbottom2 at 9:23 AM on Mar. 7, 2009
Answer by akinbottom2 at 9:25 AM on Mar. 7, 2009
Answer by akinbottom2 at 9:38 AM on Mar. 7, 2009
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