Foreclosure and U4

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Oct 6, 2008 9:15 pm

I left a firm last year, and since then, my husband was fired from his job, we had a $8000 emergency repair on our really old house, and then we were robbed. We left the house because we were not safe there and the house has been on the market since July(of course no buyers). I'm about to go work with a new firm (series 7 rep) and the house may be foreclosed upon soon. I don't have a bankruptcy, but my credit probably sucks by now. If the house gets foreclosed on before I do the U4, obviously I would have to disclose it. Does anyone know about Foreclosures and whether that would disqualify me from continuing to work in this industry?



Thanks

Oct 7, 2008 12:59 am
Judy:

I left a firm last year, and since then, my husband was fired from his job, we had a $8000 emergency repair on our really old house, and then we were robbed. We left the house because we were not safe there and the house has been on the market since July(of course no buyers). I'm about to go work with a new firm (series 7 rep) and the house may be foreclosed upon soon. I don't have a bankruptcy, but my credit probably sucks by now. If the house gets foreclosed on before I do the U4, obviously I would have to disclose it. Does anyone know about Foreclosures and whether that would disqualify me from continuing to work in this industry?

Thanks

provided on whether or not the lender was reporting the history of the loan to the 3 major credit agencies(more than likely if they are not a private individual,) the foreclosure will show on your credit report anywhere from 7 to 10 years depending on what state you live in. Each employer has its own criteria as regards screening for credit, perhaps you might want to be upfront about your situation and hope for the best that your other qualities outweigh their screening results. Meanwhile, make sure you build good credit from here. It will take you about 5 years of consistent on time payments on credit cards and car loans to bring your credit scoring back. You may also want to approach the lender about removing it from your report if the foreclosure record remains after the statutory time permitted in your state. Here is a link I just found through a search that may help you to work on your credit:
 http://www.foreclosurefish.com/blog/index.php?id=394 
Oct 7, 2008 6:59 am

Does anyone know about Foreclosures and whether that would disqualify me from continuing to work in this industry?

 
It won't disqualify you.
Oct 7, 2008 11:38 pm

Try to get with a local Realtor that is experienced with Short Sales and get rid of that thing FAST!!!  There are buyers out there for good deals, and most lenders have realized that it's much easier to take a loss and walk away than to take a loss and go through the foreclosure process.  You need to do this right away though, as in a Realtor with lots of Short Sale experience needs to have the listing by this time tomorrow.

Oct 8, 2008 1:07 pm

Thank you everyone for your replies so far I do have the property listed and am attempting a short sale. Its been on the market (for below our loan amount) for 3 months now. The mortgage company has been really inept in assigning me someone in the Loss Mitigation department to negotiate with, but I keep calling and leaving messages every day...I'll keep hounding the mortgage company and making my other credit card payments and loan payments on time and pray that someone will soon see the bargain in this house!!