Help!!!!

[missdesire]

Hi all I help a family member get a home early this year because she was not qualified to purchase a home because of her score. She asked me and I was hesitating at first but I went ahead and  helped her out. At the time my score were EQ-708 TU-701 and EX-661. Now it has been two months and I received a letter saying that the the Mortgage has not been paid for two months. I received score alert from fico and can you believe that my score went all the way down to 542 with EQ and 596 with TU. I didn't even bother to check EX...

I'm at the point where I'm just going to kick her butt out and sell the house before it goes on foreclosure. I can't not have that reporting on my CR.

My question is if it should hit foreclosure how is that going to affect me from getting a new car (which I was planning on doing) and purchasing a house for myself..... 

Is there anyway I can send in a GW letter to the Mortgage company so they can remove the 90 days late from my CR...

[Anonymous]

You have to assure yourself that the house will NOT go into foreclosure. If it does, you can still get the mortgage reinstated, by paying all back payments, plus a HUGE payment to mortgage company in the form of attorney's fees.

So now is the time to catch up on the payments, as absolutely as soon as possible.

After that happens, THEN you can start to work on resurrecting your credit scores.

And if it DOES go into foreclosure, it seals your fate on not getting any kind of loan. No one will want to grant you credit. Sorry to put it that way, but it's the truth.

(This was my experience years ago, by the way. I learned the hard way)

[Anonymous]

We lost our home to foreclosure about 3 years ago, after my husband got very sick and was out of work for months. The home was only in his name. He has had a horrible time with more then just credit scores, getting a loan, etc. He was even turned down a job because of it.

So I say, AVOID it however you can, its a hard hitter in so many ways.

Just last June he was able to finally get a car loan, but the intererst rates are soooo terribly high, its not a way you even WANT to consider going, so YES a car loan is possible, but a complete rip off.

I really wish you good luck and hope you can hang in there!