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Originally Posted by MRC123  Do you know how long "awhile" is? 5 years?? |
I've heard many different time frames on how long a foreclosure affects the credit. I've heard 2 years up to 10 years from people who are in mortgage industry, to people who have gone through it, to people who had a bankruptcy with it. I think it really has depended on what else is on your credit and what exactly happened. So many people are foreclosing or are going to or had, I don't think lenders in general can expect any business in the next 10 years if they are not somewhat lienent in some areas. Especially if the only ding on your entire credit was the foreclosure. Most are saying that they are going to go back to when you were required to put 20% down no matter what your credit and then go from there.
My husband and I have newer cars and don't plan on buying or refinancing one in the next 5 years, we have 2 major credit cards that we use and rarely ever do we use them...the only thing we needed our credit for was to get into an apartment, and now that's taken care of. We would love to have a house in the future and we will save up to make sure we have money down for when that time comes. For right now, we are breathing a little easier knowing we can take care of each other and our kids and not working to just keep a home and not enjoy it. It's you and your family's decision to make and no one else can make it for you.
