morales asked:


I have a car which I co-signed with my son and he has left it with me. I also have a home in Fl. which the rent doesn’t cover the mortgage by $500. I’m ready to give up on both of them. I’m 50 years old, own the home I live in and the need for new credit doesn’t appear on the horizon.

Marie asked:


It is my opinion that because so many people are defaulting on their mortgages, they are probably defaulting on other loans in order to try to keep their homes.

If a high percentage of Americans have bad credit, then will the financial industry have to lower the standards for credit in order to continue making loans/money????
I worked in the mortgage industry until recently and am aware that lending practices are becoming stricted because of the abundance of foreclosures. But eventually these companies are going to feel the effects of these recent changes and will have to offer subprime mortgages or lower the standards if they want to stay in business.

rivasj27 asked:


jobs losses, foreclosures and so on?

I would like to see some good stats or links if you have one?
How lienant are bill collectors going to be? Does anyone have sympothy for the children we are trying to raise in this world?

Sound off!! Lets Hear it!! Ready..>GO!!!

confuzledalways asked:


I’ve looked at orangefuture and a few others but I’m becoming discouraged. I need to find a home and I’m tired of wasting money renting. My husband and I both have terrible credit from past relationships and are working to improve it.

walkathisway asked:


Do you know where I can find a list of banks that were not involved in subprime lending fiascos? Thanks

decarlo75 asked:


Many americans not only lost their homes but also got their credit ratings were damaged. Many paid all their credit cards on time but were unable to pay for their mortgages. Wouldn’t be fair that the Gov allow delinquent marks to be removed from our credit reports so we can purchase homes again? The Banks are getting a break. why not us?

Brian B asked:


Here’s the deal. The last five years I have made my living flipping houses and owning rental property. Everything was going great until last fall. I fell off a ladder and boke my leg in 5 places . I was unable to walk or do any physical labor for 6 months. And long story short I lost everything. By the time it was all said and done I had 15 of my places get foreclosed on including my house.I’m probably going to end up filing bankruptcy because I don’t have the money to pay the creditors what I owe them. I understand that can’t go back out and get a mortgage tommorrow but my question is will I ever be able to buy a house again? And if so. Realistically how long before I can get a mortgage?

QA Expert asked:


I’m planning to foreclose my 2nd house and leave my credit cards bills unpaid for 7 years then it would be removed. My question would the creditors put a lien on my checking/house/life insurance in the future? Also, would my credit reports be CLEAN after 7 years, no sign of unpaid debits?
Would bankruptcy better than just not paying? Would bk take my house & car too?
I’m in California.

Curious asked:


My husband and I are facing a foreclosure on our rental property and we’re considering walking away from our primary residence, a condo, also. Would two foreclosures be just as bad as one?
My husband and I are facing a foreclosure on our rental property and we’re considering walking away from our primary residence, a condo, also. Would two foreclosures be just as bad as one?

As an added bit of info- we already pursued a short sale with the lender for our rental and they let 6 months pass and 5 buyers walk.

Our primary residence, the condo, has been up for sale for 6 months and we’ve had 2 offers that were too low for us to afford (we would have been owing money). We can’t rent the condo and break even on our mortgage and there are 10 others just
like it for sale with the owners having lots of equity to negotiate with (we used ours to buy the rental).

While we understand that the foreclosure means that we will be renting for a very long time, we’re wondering if we should just move before the condo’s interest rate goes up and we are paying WAY too much for a one bedroom condo just for the sake of avoiding another foreclosure.

Bo Gus asked:


eyecue_t

So, do you mean they would rather foreclose and then sell at a discount instead of taking lower payments?
Greed does not explain it. Where’s the benefit in foreclosing??
If they foreclose they have to sell the prop@ a discount and take a loss. If they convert to fixed rates they take a smaller profit over the long term, but it’s still a profit.