Can I get a mortgage loan after a bankruptcy?
Yes you can! Each individual circumstance must be evaluated, but lenders do allow a mortgage loan after a bankruptcy as long as the bankruptcy is discharged a minimum of two years and the circumstance causing the bankruptcy are not likely to occur again. There are contingencies in some cases including an extended waiting period of four years, third party documentation of the cause of credit problems and reestablished credit. You should call a mortgage professional to discuss your individual situation. I am happy to recommend one. Call DebbieSmall, GRI 727-599-4958 or email debbiesmall.net@gmail.com
Showing posts with label bankruptcy. Show all posts
Showing posts with label bankruptcy. Show all posts
Tuesday, June 13, 2017
Will a poor credit score ever go away?
Will a poor credit score ever go away?
Your credit score will change gradually as a result of how you handle your credit. A score is just a snap shot and will change gradually with time and as you open and close accounts. Bankruptcies, collections, charge offs and tax liens do eventually fall off in 8-15 years of absolutely no contact with you. If there is contact or the debt is sold the process can start over based on the new date of last activity.
Your credit score will change gradually as a result of how you handle your credit. A score is just a snap shot and will change gradually with time and as you open and close accounts. Bankruptcies, collections, charge offs and tax liens do eventually fall off in 8-15 years of absolutely no contact with you. If there is contact or the debt is sold the process can start over based on the new date of last activity.
CREDIT SCORE
collections remain 7 years from date of initial missed payment that led to collection. paid collections are simply marked as such on report.
charge-off remain 7 years from initial missed payment that led to charge-off even if parameters are later made on the charged off account.
closed accounts are no longer available for further use. they may r may not have a $0 balance. Those with delinquencies remain 7 years from date closed, whether by consumer or creditor. positive closed accounts remain 10 years.
lost credit card: if no delinquencies, those reported lost will continue to be listed for 2 years from date card reported lost. Delinquent payments that occurred before the card wast lost will report for 7 years.
bankruptcy: chapter 7, 11 and 12 remain 10 years from filing date. Accounts included will also remain 7 years.
city, county, state and federal tax liens: unpaid tax liens will remain 15 years from filing date. Paid tax liens will remain 7 years from the paid date of lien.
ARE THE ALTERNATIVES TO FORECLOSURE ANY BETTER AS FAR AS MY FICO SCORE IS CONCERNED?
Are the alternatives to foreclosure any better as fare as my FICO score is concerned?
The common alternatives to foreclosure, such as short sales, and deeds-in-lieu of foreclosure are all "not paid as agreed" accounts and considered the same by your FICO® score. This is not to say that these may not be better options for you from a financial perspective, just that they will be considered no better of worse for your FICO score.
If you are considering bankruptcy as an alternative to foreclosure, that may have a greater impact to your FICO score, While a foreclosure is a single account that you default on, declaring bankruptcy has the opportunity to affect multiple accounts and therefore has the potential to have a greater negative impact on your FICO score. source myFICO.com
The common alternatives to foreclosure, such as short sales, and deeds-in-lieu of foreclosure are all "not paid as agreed" accounts and considered the same by your FICO® score. This is not to say that these may not be better options for you from a financial perspective, just that they will be considered no better of worse for your FICO score.
If you are considering bankruptcy as an alternative to foreclosure, that may have a greater impact to your FICO score, While a foreclosure is a single account that you default on, declaring bankruptcy has the opportunity to affect multiple accounts and therefore has the potential to have a greater negative impact on your FICO score. source myFICO.com
Sunday, May 10, 2015
Sunday, January 4, 2015
Can a loss generated from residential or commercial realty be used on the tax return of the investor?
Can a loss generated from residential or commercial realty be used on the tax return of the investor? This question is asked often because there is so much confusion as a result of the passive activity loss rules adopted by Congress in 1986.
The answer is yes if the basic rules of the Tax Reform Act of 1986 are met. The tax law states that losses from real estate activities in which the investor does not materially participate can only be used to offset income from passive activities.
In this unit we will investigate the concept of losses and the proper calculations for the transfer (sale) of property. At the conclusion of this unit the student will be able to;
•restate the passive loss rules
•discuss proper calculations for the transfer of property
•identify IRS provisions affecting investor taxation
debbiesmall.net
Wednesday, December 3, 2014
What is Cancellation of Debt?
Overview of IRS Cancelation of Debt Income, from the Taxpayer Advocate Service
What is Cancellation of Debt?
If a taxpayer borrows money from a commercial lender and the lender later cancels or forgives the debt, the taxpayer may have to include the cancelled amount as income for tax purposes, depending on the circumstances. When the taxpayer borrowed the money he or she was not required to include the loan proceeds as income because the taxpayer had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount received as loan proceeds is normally reportable as income because the taxpayer no longer has an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to the taxpayer and the IRS on Form 1099-C, Cancellation of Debt.
debbiesmall.net
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