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Has anyone else suffered a home foreclosure?

Did it destroy your credit and were you able to purchase a home shortly afterward?

 
iluvmykidsxoxo

Asked by iluvmykidsxoxo at 1:59 PM on Nov. 13, 2010 in Money & Work

Level 20 (8,727 Credits)
This question is closed.
Answers (6)
  • Yes. Going through it now. When we tried to refinance, the genius system compared our house to the foreclosures around us to estimate our "house value"...... Seriously? Then when we tried to do a home loan modification through one of those gov. things they borrowed all that money for, we of course don't fit the "criteria of families they're helping right now".. I won't even elaborate on that right now. I have nothing nice to say.

    I learned that we would have been better off taking it easy, applying for gov. free house fix ups, and sitting on our free sweat equity until the economy lifted. Oh, and ask our boss ( now that we're not self employed any longer being white contractors and all) to doc our pay so we qualify for all the free stuff in our state. So, working on adjusting after foreclosure.
    thelowlander

    Answer by thelowlander at 4:17 AM on Nov. 14, 2010

  • Yes we lost our house thanks so much to a family member cheating us out of a butt load of money. Our PERFECT credit took a hard hit. We ended up having to file bankruptcy. We fell and fell hard. We worked hard on our credit and bought a new house in 5 years with an interest rate of 5.5%. You can fix your credit, you just have to be willing to pay a little extra to fix it. I think what really helped us was that we kept a vehicle and actually paid it off a year early and had not been late on payments. We later got a vehicle that has (gulp) 18% interst. We made every payment on time and ended up having to trade it due to the family outgrowing it. Our next interest rate was 12%. That vehicle was totaled out a year and a half later, the next vehicle (my current vehicle) was financed at 6.2% interest on a USED vehicle. Hell to the yeah!!! It can be done!! There is life after foreclosure and bankruptcy.
    Anonymous

    Answer by Anonymous at 4:10 PM on Nov. 13, 2010

  • We are on our way there but still in the modification process.
    Anonymous

    Answer by Anonymous at 2:15 PM on Nov. 13, 2010

  • I have not been foreclosed on, but if you are headed that way I would look at all your options. Have you considered bankruptcy, a loan mod, ect? I would research and call a lawyer before making any decisions.
    momofone221

    Answer by momofone221 at 2:26 PM on Nov. 13, 2010

  • Yes, and we're still struggling to live. It's been 18 months. We managed to hang on for 9 months after I stopped working to take care of my son. He was a preemie and has several health issues, and its better that I stay home with him for now. But we are so broke it's ridiculous. We haven't even saved up enough for bankruptcy yet. The only reason we have internet is because I do most of my classes online, & my Fafsa had enough left over to do that. We're waiting for my son's disability claim to go through, and then we will finally have enough money to file bankruptcy. I drive by the street my house was on several times a week, and it sucks. But I would rather have my son than my house, so I suck it up and I barely ever cry anymore. I can't wait until I graduate and get a great job and can start all over again with my credit. But for now, my husband is the only one working (we're a family of 5) and he makes commission. Oh well!
    Christy_517

    Answer by Christy_517 at 11:53 PM on Nov. 13, 2010

  • It's been just under 5 years and it's been cleared and all but we still have some time before we can buy a house. We went down HARD! It's still a struggle but atleast we have no debt to worry about.
    baby1love

    Answer by baby1love at 3:11 PM on Nov. 14, 2010