Your Credit and You...You did a bad bad thing

Okay, so we're not naive enough to think that each person looking for a home to buy has dazzling fairy tale amounts of breathtaking credit. In fact, many people out there have bad credit. Many people have been told their dreams of owning a home are dashed away by some terrible circumstances they've been put through; in order for you to understand here's a list of some things that are really awful for you credit. a top 3 list if you will;

Here's your top 3 bad things to do with your credit:

3. Bankruptcy - A lot of people think bankruptcy is the most evil thing that could happen to a individual, especially when it comes to buying a house. BUT, It's not the worst, it's awful, but not the worst. Here's the deal, When you've declared bankruptcy there are two options. Option A: if you declared your residence during your bankruptcy you cannot get a mortgage until 3 years from the discharge date of the bankruptcy. Option B: if you didn't your home during your bankruptcy you can't get a mortgage until 2 years have past from the discharge date of the bankruptcy.

So it just takes a little time before you can return to being a home proprietor after you've declared bankruptcy.

2. Foreclosure - It used to be that a foreclosure on a house was the kiss of death and you could not be a home owner yet again, but recently things have gotten a bit better in this area. It's no longer the kiss of death but you will have to wait 3 years according to the date on the foreclosure deed before you can buy another house. (Here's why it's worse than Bankruptcy: if you owe $100 on your house and sell it for $75, the government CAN tax the $25, leaving you with a immense tax bill.)

1. Repossession - Most people don't expect a repossession to be as bad as they actually are. Here's why: When your vehicle is repossessed you are still liable to pay for the debt, AND not allowed to have a car, so where a foreclosure usually covers the debt incurred in the mortgage, a repossession doesn't. So you are stuck with the bills for the car and finding a new way of transportation and a massive knock that can destroy your credit score.

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Your Credit and You...You did a bad bad thing