The sellers credit report ?
Is the sellers credit report damaged the moment the house goes into foreclosure? and if this is the case how can we use "saving your credit rating" as a legitimate reason for helping them out of their situation? or is there a script that's used to give the seller a good reason for working with us as opposed to working with someone else or selling the property themselves other than telling them "we can get it done in 10 days or less" ?
Clif[ Edited by pbodys on Date 04/28/2003 ]
if it's going into foreclosure, the fact that it's going into foreclosure won't be as damaging, but if it's too that point, the payments they didn't make for it to get to that point won't look good but having the house go through the fc process and the auction will put the foreclosure on their record i believe....having the actual foreclosure on their record last for a while (up to 7 years i believe), as far as how bad that looks, maybe someone from the lending industry can chime in on that...
Thanks way_motivated. so it won't be so bad in the pre- fore stage. If the forecloseure is in place but the property is sold before auction will it still be as bad?
Clif
Hi Pbodys,
Way_motivated is absloutely correct. The late and overdue payment history will show up on their credit report, but if you purchase the property before the foreclosure in completed, it will be reported to the credit agencies as "Short Sale", "Settled" or something similar.
Having a completed Foreclosure on their credit report can be just as bad or worse than a Bankruptcy and could hinder their borrrowing capabilities for many years to come!
Best of Success!
BAMZ