People sell properties because of different reasons and some do this because they are a profession real estate agent. Others are doing this when they plan to move on to another place and they will use the money in buying a new one. This would mean though that they will not have a home of their own during the time they sold the house until they bought and moved to a new one.
This can be solved by getting a mortgage for the new home which will be easier if you have a good credit score. Though it would be harder to get one if your score is low, selling home with bad credit Northern CA is still possible. This would help you pay off your other debts and use the money for down payment for the new house and get a lower loan.
There would be a need for you to live somewhere else in the interim such as with your relatives in Northern CA. Or you could rent a place temporarily and look for the cheapest one but make sure that you can buy a new home soon. Because renting a place is an expense you do not want to pay for a longer time.
Selling your house in paying off the mortgage and the other debts is a good way in fixing the bad credit score you have. Although makes sure that you will not get more debts anymore and the remaining ones must be paid off on time. Getting debts more than necessary will make the improvement of your credit and requesting necessary loans hard.
The payment history will stay and can be seen on your records still for many years even after fully paying off your mortgage. This will be bad for you if you have not been paying them on schedule which reflects also on the record. These, along with other information from your history, would be factors used by institutions in analyzing scores.
If you were able to get a mortgage for a new home then paying them regularly and on time is important. Doing this is beneficial for your credit history because it can raise your points after a long while. This is also to prevent lowering your score even further because your priority is to fix and raise it instead.
If you rent only though and were unable to get a new mortgage for your new property then it means you have no new loans to pay. This would neither have positive nor a negative impact upon your records meaning no changes with the scores happen. You can not take advantage of the new transaction that might help in improving your points as well.
Selling your house will negatively affect your credit when you short sale it. This means that you sold it for less than what you owe. This would have a significant drop on your scores.
Doing this may be tempting because your property will be sold faster. But other than the negative impact mentioned, another problem is you still have to pay the remaining mortgage. So be careful with the decisions you make.
This can be solved by getting a mortgage for the new home which will be easier if you have a good credit score. Though it would be harder to get one if your score is low, selling home with bad credit Northern CA is still possible. This would help you pay off your other debts and use the money for down payment for the new house and get a lower loan.
There would be a need for you to live somewhere else in the interim such as with your relatives in Northern CA. Or you could rent a place temporarily and look for the cheapest one but make sure that you can buy a new home soon. Because renting a place is an expense you do not want to pay for a longer time.
Selling your house in paying off the mortgage and the other debts is a good way in fixing the bad credit score you have. Although makes sure that you will not get more debts anymore and the remaining ones must be paid off on time. Getting debts more than necessary will make the improvement of your credit and requesting necessary loans hard.
The payment history will stay and can be seen on your records still for many years even after fully paying off your mortgage. This will be bad for you if you have not been paying them on schedule which reflects also on the record. These, along with other information from your history, would be factors used by institutions in analyzing scores.
If you were able to get a mortgage for a new home then paying them regularly and on time is important. Doing this is beneficial for your credit history because it can raise your points after a long while. This is also to prevent lowering your score even further because your priority is to fix and raise it instead.
If you rent only though and were unable to get a new mortgage for your new property then it means you have no new loans to pay. This would neither have positive nor a negative impact upon your records meaning no changes with the scores happen. You can not take advantage of the new transaction that might help in improving your points as well.
Selling your house will negatively affect your credit when you short sale it. This means that you sold it for less than what you owe. This would have a significant drop on your scores.
Doing this may be tempting because your property will be sold faster. But other than the negative impact mentioned, another problem is you still have to pay the remaining mortgage. So be careful with the decisions you make.
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