House preforclosure

[Shaggin Wagon]

My ex got the house in the divorce but the house remained in my name and she had two years to get it out of my name. She didn't make payments for a year and the now went into foreclosure. She just sold the house. I keep looking online and cannot figure how much or if any a pre-foreclosure will cost as far as credit score. She trashed my credit by letting the car go a year ago and now not paying the house for a year. Right now Im at a 583. Anyone dealt with this same kind of issue? Google just keeps talking about a full foreclosure...

[svauto-erotic855]

My ex got the house in the divorce but the house remained in my name and she had two years to get it out of my name. She didn't make payments for a year and the now went into foreclosure. She just sold the house. I keep looking online and cannot figure how much or if any a pre-foreclosure will cost as far as credit score. She trashed my credit by letting the car go a year ago and now not paying the house for a year. Right now Im at a 583. Anyone dealt with this same kind of issue? Google just keeps talking about a full foreclosure...

Why didn't you sign a special warranty deed while still in court?

[TX_92_Notch]

Why didn't you sign a special warranty deed while still in court?

This. I was divorced and I got the house but there was a clause that she could take it over if I didn't make the payments.

[Stephen]

Grc pick it up? He seems to get every house in town!

[Craizie]

Next time you think about divorce, just remember: Accidental discharges happen all the time for no reason what-so-ever in the firearm world.

[Shaggin Wagon]

She was a stay at home mom, (lazy) so she could not qualify for a loan to buy the house. It was written in our decree that if she didn't make the payments on time, she had to sell the house. She also had two years to refi and put the house in her name. When she quit paying the house payment, I had a moral dilemma of, do I force her to sell and make my kids move out of the house they were born and raised in? (They are teens now). I would be made out to be the worst dad of all time to my kids. I knew with time, she would hang her herself without my help.

I dont know who bought the house but yeah, GRC owns half of The Colony.

[Juiced4v]

I went through the same exact situation 7 years ago....I'm just now getting my scores up...good luck its going to take a lot of work to get that to not effect your score.

[Shaggin Wagon]

I went through the same exact situation 7 years ago....I'm just now getting my scores up...good luck its going to take a lot of work to get that to not effect your score.

It wasn't a short sale, an actual person bought it, so I would think since it wasn't actually fully foreclosed on, I thought it shouldn't be too bad other than considered late pay. I keep reading if you just keep paying you stuff on time, in two years I should be okay. I was just looking for real world experience.

[slow84lx]

It wasn't a short sale, an actual person bought it, so I would think since it wasn't actually fully foreclosed on, I thought it shouldn't be too bad other than considered late pay. I keep reading if you just keep paying you stuff on time, in two years I should be okay. I was just looking for real world experience.

This was my experience. Just keep the nose to the grind for the next few years. Divorce sucks.

[yellowstang]

Watching the news lately, there have been several home and apartment fires... ;-)

[GeorgeG.]

My ex got the house in the divorce but the house remained in my name and she had two years to get it out of my name. She didn't make payments for a year and the now went into foreclosure. She just sold the house. I keep looking online and cannot figure how much or if any a pre-foreclosure will cost as far as credit score. She trashed my credit by letting the car go a year ago and now not paying the house for a year. Right now Im at a 583. Anyone dealt with this same kind of issue? Google just keeps talking about a full foreclosure...

Call my wife, she's a realtor and has dealt with forclosure and credit scores a lot. She can probably help. I can send you her number if interested

[Chili]

Call my wife, she's a realtor and has dealt with forclosure and credit scores a lot. She can probably help. I can send you her number if interested

It's good that she has knowledge in that area.. So many of them just don't seem to have a grasp on it (credit). Because the question is 100% about how his credit will 'respond' to the default, payment history and sale, and how long it will take for his score to recover, realtors are often not the best suited to know. Generally this question is probably better suited for someone on the mortgage side (preferably underwriter) or otherwise someone in a credit / risk role that has a good understanding of credit score models. A good realtor would have been well suited at advising how to condition the divorce decree to protect himself regarding the home in the first place.

Those actual scoring models / algorithms are highly protected and proprietary, so nobody will probably know specific details on actual score impact (like quoting specific fico estimates) but the agencies will put on training for lenders (used to anyhow) and would give pretty good guidelines that really helped.

I used to be on top of that stuff when I was a mortgage loan officer, then later as a commercial risk analyst (decisioning loan requests). But I've been away from the lending industry for almost 10 years now, so I'm not up to date other than the basic stuff.

When I was more involved, those types of things (very poor mortgage payment history, even entering foreclosure but not actually being foreclosed on) could generally be overcome in about 2 years, but that would also be dependent on the rest of your credit and what you do after the bad stuff was resolved. The general stuff is pretty common knowledge now.. You want seasoned installment loans (over 12 payments made, preferably over 24), including some paid off in the past; you are best scored with seasoned revolving credit (credit cards, loc), but utilization needs to be low. When I was doing it that meant < 33%, I've heard that threshold is lower now though. But not too much available credit on those revolvers (when I was in it over ~$100k in available could actually hurt you). Not too many inquiries, no collections, everything paid as agreed since.

Back in the day I remember seeing one or two people with actual discharged bankruptcy or foreclosures (can't recall which, but both were about the same from our perspective) right at or just under 2 years old that were already able to bring their scores way back up. Like high 600's to low 700's. It stuck in my mind just because I was so shocked to see it when reviewing their credit reports. Not sure how the hell they did that though!

[Captain Crawfish]

Not to be an ass but your name was on the loan and it’s your job too make sure it gets paid. Divorce is bullshit but your wife had no job so not sure how you thought it was gonna get paid. I would have sold that home immediately if I cared about my credit

[GeorgeG.]

It's good that she has knowledge in that area.. So many of them just don't seem to have a grasp on it (credit). Because the question is 100% about how his credit will 'respond' to the default, payment history and sale, and how long it will take for his score to recover, realtors are often not the best suited to know. Generally this question is probably better suited for someone on the mortgage side (preferably underwriter) or otherwise someone in a credit / risk role that has a good understanding of credit score models. A good realtor would have been well suited at advising how to condition the divorce decree to protect himself regarding the home in the first place.

Those actual scoring models / algorithms are highly protected and proprietary, so nobody will probably know specific details on actual score impact (like quoting specific fico estimates) but the agencies will put on training for lenders (used to anyhow) and would give pretty good guidelines that really helped.

I used to be on top of that stuff when I was a mortgage loan officer, then later as a commercial risk analyst (decisioning loan requests). But I've been away from the lending industry for almost 10 years now, so I'm not up to date other than the basic stuff.

When I was more involved, those types of things (very poor mortgage payment history, even entering foreclosure but not actually being foreclosed on) could generally be overcome in about 2 years, but that would also be dependent on the rest of your credit and what you do after the bad stuff was resolved. The general stuff is pretty common knowledge now.. You want seasoned installment loans (over 12 payments made, preferably over 24), including some paid off in the past; you are best scored with seasoned revolving credit (credit cards, loc), but utilization needs to be low. When I was doing it that meant < 33%, I've heard that threshold is lower now though. But not too much available credit on those revolvers (when I was in it over ~$100k in available could actually hurt you). Not too many inquiries, no collections, everything paid as agreed since.

Back in the day I remember seeing one or two people with actual discharged bankruptcy or foreclosures (can't recall which, but both were about the same from our perspective) right at or just under 2 years old that were already able to bring their scores way back up. Like high 600's to low 700's. It stuck in my mind just because I was so shocked to see it when reviewing their credit reports. Not sure how the hell they did that though!

True. She works closely with a mortgage lender which is how she learned alot of how this works. But like you mentioned, the repair side of it has too many variables to say how long it might take to recover.

OP, good luck with it.

[Shaggin Wagon]

This was my experience. Just keep the nose to the grind for the next few years. Divorce sucks.

It does! Learned my lesson. Divorce will educate the shit out of you, thats for sure!

Watching the news lately, there have been several home and apartment fires... ;-)

Believe me, crossed my mind several times.

Call my wife, she's a realtor and has dealt with forclosure and credit scores a lot. She can probably help. I can send you her number if interested

Sent you my number, just text me her number or if its late at night and youre looking for a cheap date...

It's good that she has knowledge in that area.. So many of them just don't seem to have a grasp on it (credit). Because the question is 100% about how his credit will 'respond' to the default, payment history and sale, and how long it will take for his score to recover, realtors are often not the best suited to know. Generally this question is probably better suited for someone on the mortgage side (preferably underwriter) or otherwise someone in a credit / risk role that has a good understanding of credit score models. A good realtor would have been well suited at advising how to condition the divorce decree to protect himself regarding the home in the first place.

Those actual scoring models / algorithms are highly protected and proprietary, so nobody will probably know specific details on actual score impact (like quoting specific fico estimates) but the agencies will put on training for lenders (used to anyhow) and would give pretty good guidelines that really helped.

I used to be on top of that stuff when I was a mortgage loan officer, then later as a commercial risk analyst (decisioning loan requests). But I've been away from the lending industry for almost 10 years now, so I'm not up to date other than the basic stuff.

When I was more involved, those types of things (very poor mortgage payment history, even entering foreclosure but not actually being foreclosed on) could generally be overcome in about 2 years, but that would also be dependent on the rest of your credit and what you do after the bad stuff was resolved. The general stuff is pretty common knowledge now.. You want seasoned installment loans (over 12 payments made, preferably over 24), including some paid off in the past; you are best scored with seasoned revolving credit (credit cards, loc), but utilization needs to be low. When I was doing it that meant < 33%, I've heard that threshold is lower now though. But not too much available credit on those revolvers (when I was in it over ~$100k in available could actually hurt you). Not too many inquiries, no collections, everything paid as agreed since.

Back in the day I remember seeing one or two people with actual discharged bankruptcy or foreclosures (can't recall which, but both were about the same from our perspective) right at or just under 2 years old that were already able to bring their scores way back up. Like high 600's to low 700's. It stuck in my mind just because I was so shocked to see it when reviewing their credit reports. Not sure how the hell they did that though!

Yeah, the effect is what I'm looking for, I'm hoping to buy my moms house in the future and wondering how long it will take me to recover to be able to do so. I have several credit cards and a car note. I pay them on time and pay more than the minimum. I would think anyone could look at the credit and see everything's paid on time but the house and figure something is askew.

Not to be an ass but your name was on the loan and it’s your job too make sure it gets paid. Divorce is bullshit but your wife had no job so not sure how you thought it was gonna get paid. I would have sold that home immediately if I cared about my credit

Well, luck would have it, she found a job just when the divorce started, how convenient. I'm pretty sure any man worth a shit would put his kids over a credit score. Id rather take a few years hit on my credit than having my kids remember me as being the one to kick them out of their own house.