Help: What happens with all three together: foreclosure, bankruptcy, legal eviction?
What are the cumulative effects of: 1) Foreclosure; 2) Bankruptcy; 3) Legal eviction from rental condo?
Someone I know has two strikes against her, foreclosure and bankruptcy within the last 2 years. She is now facing foreclosure from a downtown high rise condo for nonpayment of rent.
How severely does this affect her credit rating? Can she still rent elsewhere, borrow money or buy a car with all these strikes - or is she totally ruined? For how long? What is she can negotiate a deal with her landlord, how much would that help?
She is asking me for money to help and ‘promises’ to pay me back in six months (no, we aren’t sleeping together, just coworkers!). I don’t want to give her something I can’t afford to lose.
She also promised to pay back her home loan, no wait foreclosed did not pay. Promised to pay back her lenders, no wait filed BK. Then promised to pay her rent no wait no pay evicted. Yes her word is good as gold would borrow her money on her word in a heartbeat. If you give her anything be prepared as you WILL lose it her track record speaks for itself, 3 strikes and still has not learned. why? Because she keeps getting bailed out without being responsible for herself. Time for her to hit rock bottom in order to learn
December 19th, 2009 at 7:49 am
She can rent somewhere else but will most likely have to put up a large amount up front. Seems to me that she still hasn’t learned how to manage money. I would most definitely not loan her money but point her to a support group that can help her gain control of her finances. She is in band shape for seven years from the newest bad strike. She should really think hard about finding a roommate to help share costs.
References :
December 19th, 2009 at 8:21 am
She also promised to pay back her home loan, no wait foreclosed did not pay. Promised to pay back her lenders, no wait filed BK. Then promised to pay her rent no wait no pay evicted. Yes her word is good as gold would borrow her money on her word in a heartbeat. If you give her anything be prepared as you WILL lose it her track record speaks for itself, 3 strikes and still has not learned. why? Because she keeps getting bailed out without being responsible for herself. Time for her to hit rock bottom in order to learn
References :