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Question
Hello,
I am struggling with my mortgage right now due to my spouse being out of work.I am approximately 4 months behind and cannot seem to get caught up with a 1350.00 a month payment and a family of 5.I make a payment monthly but the back payments are worrying me.
Is there a timeline for repossession on average?I have heard in the past that the banks will not take serious action unless you are delinquent by 12 -14 months?I plan on getting paid up with tax refund money but would like to have an idea of where I stand.
On another note.Does a negative credit rating impact financial aid or loans that my child might apply for for college?
Thanks you for your time.
Hi Greg:
It's really hard for me to answer this. There is no "average". It will vary greatly by state laws, your mortgage company, and the circumstances.
There are certain programs available including at the federal level. You really should start by contacting your mortgage company and see what programs they offer. They may be able to offer forbearance programs that either defer or spread out the missed payments. Refinance programs may be an option. It really - again - depends on your situation, state law, and your individual creditor. Complete internet searches using keywords such as foreclosure, foreclosure laws, and your state and your creditor to find out more specifics.
Your negative credit in general likely will not impact your child but you will obviously not be in a position to be a guarantor on any loans he/she may need. Your financial hardship may actually help your child qualify for certain grants or programs under hardship clauses in the law.
Good luck, I hope this helps. There are options out there, you have to search for them :)
Regan
REPAIR BAD CREDIT - www.ficofighter.com
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Answers by Expert:
Regan Shinski
Expertise
I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit reporting.
Experience
Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports.
Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry.
I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA).
I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage.
In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.
Education/Credentials
BA - University of Minnesota
Past/Present Clients
(private)
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