Advantages and disadvantages of consolidating debt
Many consumers live their lives, avoiding credit cards and paying for automobiles with cash from savings. If you have always made your large purchases with cash, then continue by paying for your mobile home purchase with cash. : Consumers with multiple current mortgages and/or residences, to include vacation homes, will now be required to have a minimum down payment of 20% on all purchases.
Also, it is important to point out that the very reason for posting the judgment or lien is stop a person from obtaining credit prior to payment of such lien or judgment. Something interesting to point out, recent studies have shown that 80% of the consumers that say they "Have no credit", normally have negative items appearing on their credit reports that have stopped them from obtaining credit. Lenders make credit decisions based on your previous credit experience, no experience, no loan. Normally a charged off account means that all collection efforts attempted by the creditor were ignored and the creditor felt that the debt was un collectable. There is always an understandable reason why your car or home was repossessed or foreclosed upon, but the impact on your credit could not be worse. Charged off accounts are one of the most damaging items that can appear on your credit report and/or profile.
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The culprit is normally an ex-spouse, business partner, girlfriend, boyfriend, or family member.