Question by traannemurray: what happens to your credit on a quick sale of you house?
Best answer:
Answer by bobby
Nothing if all creditors are paid off. It is when you don’t pay a debt that your credit is ruined.
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Question by dimplefaceddoll2002: How will a voluntary repossession affect my credit?
I took out an auto loan for my brother to get a car last Feb. He failed to pay, so I took the car back and have been making payments for the last three months. I’ve listed the car for sale several times on Ebay, in the local newspaper, and now on autotrader with no luck so far. I have a new car myself that I am also paying on. I don’t need two cars and I can’t afford to keep paying for two vehicles. How will a voluntary repossession affect my credit since I am paying for another vehicle? Will it repair itself as long as I am paying on another car? I know that the bank will auction the car. If I pay the deficiency, will the repossession still go on my credit? I have very good credit and I really don’t want to ruin it, which is why I’ve paid on the car for this long. I am in the market to buy a house. Will a repossession affect my getting a home loan?
Best answer:
Answer by Rick K
yes it will try to continue making payments if possible until you can sell it
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Question by Florida Homeowner: I am behind on monthly mortgage payments. Can my mortgage company credit my escrow refund without my approval?
I really need to get my car repaired. I’d rather use the money for that and catch up on my mortgage later. They said I had to apply the check to my arrears.
Best answer:
Answer by src50
They are correct.
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Question by SHELLY: Will my unpaid car repossession be removed from my credit after 7 years?
I want to buy a house soon, but I have that on my credit report. I have purchased a new card since then, but Im not sure if I will get a mortgage with that on my credit. Will I be able to obtain a a mortgage with a voluntary repo on my credit. I never paid them late. I gave the car back because my engine stopped working in less than a year and the dealership would not fix it. I don’t know what to do.
Best answer:
Answer by Fig Newton
Yes it will fall off your credit after 7 years. If everything else about your credit is stellar you might still be able to get a mortgage but that car is going to drag your score down. A lower score means you’re not going to get a great interest rate. It might be better for you to wait.
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Question by Jerry M: By how many points does a voluntary repossession of a car affect a credit report.?
This assumes that all other debts are kept up, and nothing else goes into default. Also, would having a seperate auto loan kept current help to mitigate the damage?
Best answer:
Answer by kweavermtg
There is no set point amount that a voluntary repo lowers your score by. Scores are a complex statistical model of ratios, credit limits, length, and quality of payment history. I would avoid a voluntary repossession if at all possible though. Have you tried selling the car? You could maybe find someone to take over payments on it too in advertising it for sale….there is of course a risk of that person who takes over not being 100% on time but even a few slow payments is far better than a repo. A voluntary repo and an involuntary repo are viewed equally unfavorably by most underwriters of credit and in most cases will affect your credit score negatively about the same.
Other accounts kept up will help your score rebound in years to come but you do face possibility of the lender coming back against you for the deficiency balance after they sell it and a judgment filing would be a second dent on your credit. They can sue you and pursue a judgment and possibly depending on the laws in your state garnish your wages to recover this deficiency. If I can help you further, just let me know..
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Question by Shawnie: Will a civil judgment on your credit report stop you from getting a job?
A friend of mine (really it’s a friend not me) had a car repossession on their credit report in October of 2002. Well he recently applied for a job and had a recent interview. He received a notice from Trans Union letter him know there was a background employment check that was conducted and there was one public record found (the repossession). Would that prevent him from getting a job? He has asked me if I thought they wouldn’t give him the job because of it.
Best answer:
Answer by zeuz
Usually, no.
It may prevent you from obtaining certain jobs that require a fidelity bond.
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