Marina Jacobson Homes » search foreclosures http://www.marinajacobsonhomes.com Buy or Sell Your New Home in Glenview or Morton Grove, Illinois Thu, 22 Jul 2010 14:05:40 +0000 en hourly 1 http://wordpress.org/?v=3.0 How long do bankruptcies and foreclosures stay on a credit report? http://www.marinajacobsonhomes.com/how-long-do-bankruptcies-and-foreclosures-stay-on-a-credit-report http://www.marinajacobsonhomes.com/how-long-do-bankruptcies-and-foreclosures-stay-on-a-credit-report#comments Mon, 04 May 2009 13:57:46 +0000 Marina http://www.marinajacobsonhomes.com/?p=357 Bankruptcies and foreclosures can remain on a credit report for seven to 10 years.
Some lenders will consider a borrower earlier if they have reestablished good credit. The circumstances surrounding the bankruptcy can also influence a lender’s decision. For example, if you went through a bankruptcy because your employer had financial difficulties, a lender may be more sympathetic. If, however, you went through bankruptcy because you overextended personal credit lines and lived beyond your means, the lender probably will be less inclined to be flexible.

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]]> http://www.marinajacobsonhomes.com/how-long-do-bankruptcies-and-foreclosures-stay-on-a-credit-report/feed 0 Buy a Short Sale or Foreclosure http://www.marinajacobsonhomes.com/buy-a-short-sale-or-foreclosure http://www.marinajacobsonhomes.com/buy-a-short-sale-or-foreclosure#comments Mon, 20 Apr 2009 00:06:57 +0000 Marina http://www.marinajacobsonhomes.com/?p=218 forclosure-home-for-saleBuying a Short Sale or Foreclosure: Click Here

Short Sale.

A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.

Are foreclosures an option?

A foreclosure property is a home that has been repossessed by the lender because the owners failed to pay the mortgage. Thousands of homes end up in foreclosure every year. Economic conditions affect the number of foreclosures, too. Many people lose their homes due to job loss, credit problems or unexpected expenses.

It is wise to be cautious when considering a foreclosure. Many experts, in fact, advise inexperienced buyers to hire an expert to take them through the process. It is important to have the house thoroughly inspected and to be sure that any liens, undisclosed mortgages or court judgments are cleared or at least disclosed.

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