@mwb1963 wrote:i'm confused. why would my house go into foreclosure. i own it outright. no mortgage anymore. it is paid in full i just pay my taxes. i know your not the one that i have been talking to but your suggestions i dont understand. if i was able to pay off my house im not following you. my repos isnt cause i couldnt afford them. they were lemons. major problems with them physically. i need to get a new car i want to pay cash for it. i do alot of driving/traveling so i need one. all im trying to do is raise my score enough so i can refinance my house. if i did that and paid cash for a vehicle how could i have another repo?
If you refinance your house, you are creating a new mortgage, upon which they can foreclose.
@mwb1963 wrote:i'm confused. why would my house go into foreclosure. i own it outright. no mortgage anymore. it is paid in full i just pay my taxes. i know your not the one that i have been talking to but your suggestions i dont understand. if i was able to pay off my house im not following you. my repos isnt cause i couldnt afford them. they were lemons. major problems with them physically. i need to get a new car i want to pay cash for it. i do alot of driving/traveling so i need one. all im trying to do is raise my score enough so i can refinance my house. if i did that and paid cash for a vehicle how could i have another repo?
If you get a new mortgage, it can go into default, then your house can get repossessed. That's the point @SouthJamaica is making--and I'm jumping on the bandwagon. The fact that you had repossessions--which brutally damaged your credit--suggests that you may have problems in the future, too. You said the cause was not lack of money, but because they were lemons. I don't really understand that. Doesn't your state have lemon laws? If I had a lemon, I'd do whatever I needed to do to keep my credit score intact while also resolving the issue with the lemon. By letting your credit scores plunge because of those repos, you're in a bad place now--and who's to say you won't get into some kind of trouble again? You want to mortgage your home so you can pay cash for a car....but what if it's a lemon? Do you see the reason for our concern?
And whatever you do, stay away from 'credit repair' places! They're full of you-know-what. There is *nothing* they can do that you can't do on your own--without paying anyone for the privilege. In the future, please use this forum to ask for help and we'll be happy to guide you every step of the way, but don't waste any more money with phoney-baloney credit repair places.
Right now (and I think.. for the rest of the year) you're able to get free credit reports (not scores, just reports) from all 3 credit beaureas... on Annual Credit Report . com. Check it out. I would suggest pulling all three free reports. Checking out what's there, and using this forum for tips on what you can fix and start the rebuilding process.
You can do it! : ) We all started from not knowing much about this stuff.
