Posted on: 07th Feb, 2013 09:53 pm
I had a manufactured home that I financed 34,000 on and put 10,000 down on it. But my ex husband & I divorced. I held on to it long enough until he went to jail. They did a short sale and got the $12,000 short sale pric. Now 4 years later its tearing my credit up every month. Should I file bankruptcy or settle all of my medical, student loans, and collections. How long will this stay on my credit report and when will it stop reporting since 2009.
hi msapp,
if your name was on the mortgage, then the short sale will get reported to your credit report and will remain on it for 7 years. it will have a negative impact on your scores.
filing bankruptcy should be your last option as it will have a severe negative impact on your credit. moreover, it won't help you get a discharge form certain debts like student loans, tax liens, etc.
thanks,
jerry
if your name was on the mortgage, then the short sale will get reported to your credit report and will remain on it for 7 years. it will have a negative impact on your scores.
filing bankruptcy should be your last option as it will have a severe negative impact on your credit. moreover, it won't help you get a discharge form certain debts like student loans, tax liens, etc.
thanks,
jerry
Hi msapp,
It is true that if you file bankruptcy, it will help you in getting a discharge from your delinquent debts but it will have a severe negative impact on your credit situation. You should keep this in mind before you take any further decision in this regard.
Thanks
It is true that if you file bankruptcy, it will help you in getting a discharge from your delinquent debts but it will have a severe negative impact on your credit situation. You should keep this in mind before you take any further decision in this regard.
Thanks