carloscarmona76 asked:


I have two homes that I am buying from the bank. I know that one Foreclosure is bad for your credit-But my question is, how bad is Two Foreclosures in California?

Alejandrina

5 Responses to “Foreclosure?”

1. Ryan M on January 19th, 2010 3:26 pm

   Elliot

   As long as you will not need financilng any time in the next 7 years, not too bad. You shouldn’t be able to hear the banker laughing too loud at your application if you do need financing.

2. lillardlane on January 21st, 2010 5:16 am

   Carlotta

   Well, ask your bank.

3. frankie b on January 22nd, 2010 2:03 am

   Christal

   It would be twice as bad. If you are buying the homes, what do you care how bad it looks? Unless you plan on going into foreclosure yourself.

4. LOCKNLOAD1 on January 23rd, 2010 7:28 pm

   Kristine

   Don’t foreclose, MITIGATE!
   I can usually get my clients rates reduced drastically and allow them to keep their home(s) by helping them negotiate with the lenders to lower the rate and “forgive” past due payments without an appraisal or credit check.
   Also, Loss Mitigation does not hurt your credit like a FORECLOSURE and even after the foreclosure you’ll still owe the bank money!
   Further if you purchased/refinanced them both as “Owner Occupied” they’ll come looking for you for committing fraud…

   Feel free to re post a question and e-mail me if you need further information.

5. Mariah on January 24th, 2010 11:00 pm

   Chieko

   Your question is slightly confusing. You purchasing a home as a Bank owned REO is different than going though a non-judicial foreclosure. If you are puchasing two properties knowingly getting cash out, and intend on not paying immediately- that is fraudulent and they will seek deficiencies against you and any other Borrower or Gurantors- which will be devastating to your credit.