Credit | House Repossession Assistance

How will a voluntary repossession affect my credit?

by: admin - September 19th, 2011 Filed under: Questions & Answers 3 Comments

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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Tags: affect, Credit, Repossession, Voluntary

I am behind on monthly mortgage payments. Can my mortgage company credit my escrow refund without my approval?

by: admin - September 3rd, 2011 Filed under: Questions & Answers 1 Comment

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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Tags: approval, behind, company, Credit, escrow, Monthly, mortgage, payments, refund, Without

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by: admin - August 31st, 2011 Filed under: Information Guides Add Comment

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Q&A: Will my unpaid car repossession be removed from my credit after 7 years?

by: admin - July 21st, 2011 Filed under: Questions & Answers 2 Comments

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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Tags: after, Credit, From, removed, Repossession, unpaid, years

By how many points does a voluntary repossession of a car affect a credit report.?

by: admin - July 5th, 2011 Filed under: Questions & Answers 2 Comments

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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Tags: affect, Credit, many, points, Report., Repossession, Voluntary

I have a auto repossession on my credit that I just started paying on. How does this effect my credit score?

by: admin - June 15th, 2011 Filed under: Questions & Answers 3 Comments

Question by Creaminum C: I have a auto repossession on my credit that I just started paying on. How does this effect my credit score?
I was out of the country on work and my sister was taking care of my bills for me, but comes to find out she was not paying them at all. So my car got repoed and was REALLY BEHIND.Would me paying on it now help my credit score? How long would this be on credit report?

Best answer:

Answer by DLeibowitz
Not good at all. Probably at least 5 years.

Not a very reliable sister there.

Were you in the military? Maybe you are protected by Soldiers and Sailors Relief Act?

Give your answer to this question below!

Tags: Auto, Credit, effect, Just, Paying, Repossession, Score, started, This

Will a civil judgment on your credit report stop you from getting a job?

by: admin - March 27th, 2011 Filed under: Questions & Answers Add Comment

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.

Give your answer to this question below!

Tags: civil, Credit, From, Getting, Judgment, Report., Stop

How to Repair Your Credit Score Now: Simple No Cost Methods You Can Put to Use Today

by: admin - March 10th, 2011 Filed under: Books Add Comment

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How bad would the repossession by ‘we finance auto’ affect my credit?

by: admin - March 7th, 2011 Filed under: Questions & Answers 5 Comments

Question by Jackstarks: How bad would the repossession by ‘we finance auto’ affect my credit?
I had to buy a used auto from ‘we finance’ like early this year due to no credit establishment. And I have been sucked paying over 200% of the blue book price. And I don’t want to keep paying that because financial situation these days is not really good. If I stop paying monthly payment and they repossess the auto, how would it affect my credit and what else is expected to happen?

Best answer:

Answer by wartz
It would depend if the dealer reported you to credit reporting agencies. If you don’t want to continue with the deal, contact the dealer and offer to bring the car and the keys back without badmouthing him. Maybe he will call it square if you are cooperative.

Give your answer to this question below!

Tags: affect, Auto, Credit, finance, Repossession, would

Debt Relief – Free Legal Assistance For Credit Card Debt Reduction

by: admin - January 14th, 2011 Filed under: Articles Add Comment

Debt Relief – Free Legal Assistance For Credit Card Debt Reduction

Debt Relief – Free Legal Assistance For Credit Card Debt Reduction

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Home Page > Finance > Debt Relief – Free Legal Assistance For Credit Card Debt Reduction

Debt Relief – Free Legal Assistance For Credit Card Debt Reduction

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Posted: Jul 17, 2010 |Comments: 0
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Modern discussions into the financial debt relief business led to a number of various proposals becoming presented one of which may be the attorney based model. Twenty nine states already have integrated the attorney based debt settlement rules and numerous feel the rest of the states are soon to follow. The attorney based debt settlement regulation demands all debt settlement organizations to be represented by lawyers. This would give a lot more legitimacy towards the business and supplies buyers much better safety against illegal practices and possible lawsuits. It would also push numerous of the new and novice debt settlment organizations out of the marketplace.

The attorney based debt settlement design would give buyers a lot more safety beneath the law for debt negotiation too as safety from unlawful collection routines. Debt settlement organizations that aren’t backed by legal professionals will claim that they can accomplish major savings and cease collection calls. The fact is that the debt settlement organizations which aren’t backed by attorneys don’t take the appropriate actions required to successfully work out a debt settlement deal.

Debt settlement organizations that are backed by legal professionals will know what decisions to completely protect the customer from collector harassment and possible legal cases. A established debt settlement organization that’s completely respected by lawyers will know what protective options to take to protect buyers. This involves becoming enrolled in UCAN. United Consumer Advocacy Network, LLC (UCAN) is really a consumer advocacy company that strenuously defends the privileges of customers against unlawful, not fair, and deceitful methods by financial institutions, specifically banking institutions and their creditors. A reputable debt settlement business will automatically enroll buyers in UCAN and take other legal actions to assist the debt settlement procedure.

All respectable debt settlement businesses are completely backed by legal representatives but sadly the debt settlement business has its fair share of unethical organizations that don’t have legal backing. These organizations will argue that their debt settlement programs are less costly than the attorney based models nevertheless most of the time they fail to disclose the true risks like possible law suits and credit rating damage.

Debt settlement organizations grew substantially over the past few years as a result of stricter bankruptcy laws. Buyers that wish to prevent bankruptcy and get rid of unprotected debt see debt settlment as a possible choice. Debt settlement organizations which have applied the attorney based model supply buyers much a lot more safety below the law than those which have none. Consequently it’s extremely suggested that buyers thinking about financial debt deal go through a organization that’s completely backed by attorneys.

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I have a mortgage with abbey i cant afford/ id like to transfer the mortgage to another cheaper property to keep the cost down only i went to a debt company for my credit cards and now on a debt plan

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House Repossession Assistance

How will a voluntary repossession affect my credit?

I am behind on monthly mortgage payments. Can my mortgage company credit my escrow refund without my approval?

New Credit For You Now Pays $29.50 a Sale!

Q&A: Will my unpaid car repossession be removed from my credit after 7 years?

By how many points does a voluntary repossession of a car affect a credit report.?

I have a auto repossession on my credit that I just started paying on. How does this effect my credit score?

Will a civil judgment on your credit report stop you from getting a job?

How to Repair Your Credit Score Now: Simple No Cost Methods You Can Put to Use Today

How to Repair Your Credit Score Now: Simple No Cost Methods You Can Put to Use Today

How bad would the repossession by ‘we finance auto’ affect my credit?

Debt Relief – Free Legal Assistance For Credit Card Debt Reduction

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