Credit lines

[Anonymous]

Best wishes with your situation. There are no easy answers. Head to the foreclosure section and see what advice you get. Contact some housing advocates or help groups in your area. There shuld be some local assistance for you. Pray and think long and hard about what is best for you in the long run. What seems permanent does not have to be. Don't give up or lose faith. Your situation can be handled.  

How much overall debt do you have, and in what forms. A lot will depend on your DTI in making the best decision(s) going forward. Start drawing up a list of the pros and cons or various decisions. You'll make a wise choice, just based on what you have shared and soliciting advice here. 

[Anonymous]

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@Anonymous wrote:

You'll make a wise choice, just based on what you have shared and soliciting advice here. 

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The dude is older than all of us combined; I'm sure he is much wiser than all of us combined as well. I've been through similar situations but with nothing on my back (age 18). It's not the end of everything. Good luck! 

[Anonymous]

Difficult life situations have not age limitations, neither can we always rationally nor logically respond to them the same way we respond to normal situations and stresses. That's why we do need the support and advice from others who may have some insight or past personal experience to help us along the way. 

Age is just a number. But I do believe that all things can be handled. And sometimes it is best to just walk away. The sun will shine anew and you can start all over again.

And nothing is over until it is over. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

You'll make a wise choice, just based on what you have shared and soliciting advice here. 

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The dude is older than all of us combined; I'm sure he is much wiser than all of us combined as well. I've been through similar situations but with nothing on my back (age 18). It's not the end of everything. Good luck! 

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No. No he's not. 

[Anonymous]

I am sorry OP that you are having a difficut time and thank you for sharing your story with us.

My DH had a similar situation a few years ago. At the time he had Citibank, American Express, and Capital One credit cards the only credit card company that didn't reduce his CL was Capital One. I'm not saying this will happen to you but be prepared. We eventually closed his Citibank credit card. Amex did not close his account, but we were finally able to get the original limit restored about a month ago. The trouble happened about 3 years ago. He did not allow the house to foreclose. He paid all the past due payments and it's been current for a year. This month is the 1 year anniversary. Best of luck to you!

You may want to read this gentleman's story.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/From-800-to-Foreclosure-How-Negatives-Eff...

[Anonymous]

A foreclosure stays on your record for 2 years messing up your credit cards is for 7 years You let your house go, rent the house next door and in two years be in a position to buy another house on the same street. California is a joke like that. when the market was so bad people were literally buying their neighbors houses that they were losing for half.

[gdale6]

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@Anonymous wrote:
A foreclosure stays on your record for 2 years messing up your credit cards is for 7 years You let your house go, rent the house next door and in two years be in a position to buy another house on the same street. California is a joke like that. when the market was so bad people were literally buying their neighbors houses that they were losing for half.

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No, the FC remains just as long as any other derog account and its up to 7.5 yrs from the accounts DoFD. After a FC one can get an FHA loan once 2 years has past this is my understanding.

[Anonymous]

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@Kevin86475391 wrote:

That's a really good point about living in the house until the foreclosure and saving on rent. I guess more than anything what I was suggesting is just getting all your ducks in a row as much as possible before the foreclosure. If you're going to stop making housing payments in the interim then it might also make sense to set aside as much as you can. That way when you are foreclosed on you can apply for an apartment and basically say, "I know my credit is shot, but I can pay for 6 months' rent upfront."

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I agree with your assessment. OP if you can stay for free in your current home then I think it's a good idea. Regardless of the foreclosure, you still have 25 years of stellar credit history and the landlord's will see it. I think paying your rent up front for 6-12 months, if you can afford to, is also a good idea. It will be less stressful for you and show your landlord that you don't intend to default on your rent. I am not a landlord but I would accept you as a tenant if I was. If you can rent from a private owner, because you can explain your situation.

[EW800]

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@Anonymous wrote:
A foreclosure stays on your record for 2 years messing up your credit cards is for 7 years You let your house go, rent the house next door and in two years be in a position to buy another house on the same street. California is a joke like that. when the market was so bad people were literally buying their neighbors houses that they were losing for half.

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As gdale mentioned, that is absoutely not accurate.  

[Anonymous]

My neighbor did a deed in lieu of foreclosure. I know nothing about that and I really can't provide any advice because I don't know the rules or ramifications, but it may be something you can look into.

Sorry to hear that you are in this situation and hope it works out in the best way for you, given the circumstances.