Quote:
Originally Posted by ThePrimerSuspect
I'm talking voluntary. Not just defaulting. Like I said, I used to repo. There's a hundred different scenarios people go through. Like redWabbit said, I know its gonna show up on my credit but if it says paid as agreed I'd probably be satisfied. I have a friend who's ex let the car get repoed and he bought a house a year later with no issues.
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What year was this home purchase? Depending on the time (pre-crash or post-crash) mortgage companies gave out loans to anyone and everyone regardless of credit or income.
Avoid defaulting if at all possible. 7 years with ruined credit is going to suck. Not to mention your car insurance rates *WILL* increase as you're a significant risk even if you've never missed a premium.
If you want to buy a house anytime soon don't count on it or expect 6+% interest rate.