Filing for Bankruptcy- Homeowners Be Aware

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Real Estate 101: 3 Things That you Don't Know About Bankruptcy 

Are you considering filing for Bankruptcy? 3 things Home Owners need to know:

1. Ownership- When you file for bankruptcy, the dept maybe discharged at closing, but you still own the property. That means you still own the liabilities and the house. That includes property taxes, insurance, HOA dues, liabilities and any liens on the home not specified.
2. Liens- Any liens on the home need to be considered in the bankruptcy. You may or many not be responsible for the liens but the mortgage is still recorded; it is not free & clear. That means you are still responsible for the mortgage and possibly the liens too.
3. Moving out? If you filed for bankruptcy, keep in mind you still own the house. So even if you have moved out- you still have the liability, and the bank can foreclose and wreck your credit score.

When you are considering a bankruptcy, give us a call we can help you understand the process. We can help you decide to sell or short sale the property before filing bankruptcy to best protect you and your future credit score. Include your foreclosure in an bankruptcy. Learn how to increase your credit score here.

When you are ready for our help, we can help you save your credit and start over.

Maybe you have already filed for bankruptcy and are ready to purhcase again, we can help with that too. There is a real estate term we call a boomerang buyer. You can Purchase Las Vegas Real Estate after a bankruptcy, foreclosure or short sale.

Search ALL Las Vegas Homes for Sale Here!

The Radcliffe Group

Out of more than 10,000 real estate agents in the greater Las Vegas and Clark County area, Dave Radcliffe ranks among the Top 1% of Realtors® as number 101 during the second quarter of 2015. Dave Radcliffe ranked number 1 in 2014 as the top producing individual out of 172 Realtor-Agents in his office. And as a Top 5 Team in 2015. Dave has a team of top producing agents, and providers and ranks consistently as one of the top real estate teams at Keller Williams Realty Southwest Las Vegas because he is all about customer service and utilizing the best resources in the real estate business. The Radcliffe Group is your Las Vegas, Summerlin, Centennial Hills, and North Las Vegas real estate connection.

As a retired police officer, Dave is passionate about giving back to the service community and dedicates much of his time giving and supporting the Las Vegas Metro Police Department, Firefighters and Military at Nellis Air Force Base.Military, Fire and Law enforcement never pay a full commission when they work with the Radcliffe Group. The Radcliffe Group can assist you in your Las Vegas PCS or relocation, New Home Construction purchase, Condo and Luxury Home purchase. Specializing in helping Las Vegas and North Las Vegas homeowners sell their home for the highest market value, Dave and his team will help you yield your highest profit. Call 702-379-3401 when it is time to sell your Las Vegas, Summerlin, Centennial Hills or North Las Vegas Home.

Check out and subscribe to our YouTube Channel and follow our Las Vegas Real Estate Blog at: www.DaveRadcliffeVegas.com

 

Written by Nickel Lowman

For Dave Radcliffe, The Radcliffe Group

Keller Williams Realty Southwest

702-379-3401

www.DaveRadcliffeVegas.com 

How To Increase My Credit Score? Insider Credit Tips…

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Are you excited to start shopping for a new home? We are excited for you!

Here is the "How To Increase Your Credit Score" and Get Insider Credit Tips from your Realtor and Lender.

Dave Radcliffe of The Radcliffe Group, Keller Williams Realty Southwest Las Vegas and Wes Friedman with Southern Fidelity Mortgage are here as your guides to get you successfully through home buying and lending process.

 

Pulling your credit is the starting point in getting a home loan and starting the shopping experience. Pre-qualifying early when looking to purchase a home is a key element, not to be overlooked. Your Realtor will work with and partner you with a lender that can help. Understanding your credit is a key factor as there are a lot of things that are taken into consideration when applying for financing.

For example:

1. What type of loan will you get? (This will directly relate to how much of a home you can afford (monthly payment and needs for down payment.)
2. What will your interest rates be? (Is it time to lock in your rate?)
3. What length of time will it take for your loan to go through? (How much time will be needed to process your paperwork and any needed credit repairs.)
4. Do I need to make credit repairs? (Where do I start?)

Here are a few key elements in increasing your score:

Limits/ Balance:

Are you maxed out on your credit cards? A high balance is considered over extended credit. What is a high balance? 20% of the high credit limit or more is considered high. A maxed out and over extended card will report negativity to the credit bureaus so watching your limits and paying down balances owed is very important. Keeping your card at a manageable balance (one that you can pay down timely) is a key factor to increasing your credit score.

Collections:

Do I pay them off?- We know that sometimes people get into trouble and end up in collections. Paying off your balances can be important (BUT STOP and KEEP READING). Paying off the collections seems to be the right thing to do (Right?) BUT understand that you should NOT PAY OFF a collection unless the creditor agrees to DELETE the collection reporting. Once you pay off the debt, you have no negotiating leverage to get your credit cleaned up. (You won’t owe the balance, but it will still show negatively on your reports.

New vs. Old- The date of a collection can affect your credit score. Newer collections have more of a negative impact (even if they are for lesser debts) than some of the older collections. Lenders want to see you have changed your bad habits and can be trusted to stay current.

Authorize User Account vs. Join Account Holder:

Underwrites will make you remove an authorized user account because typically it is Mom and Dad adding you to their credit lines (so you have a card), and this does not show the propensity for you to repay your bills (because Mom and Dad pay it). Lenders know this. If you are going to be added to someone else’s trade line, do it as a join account holder not an authorized user account. Lenders want to see you take on the responsibility and ownership of paying off your own debt. (Don’t open a new trade line without speaking to your Lender first.)

Not using your credit cards?

Credit card inactivity can actually hurt your credit. The rule of thumb is to have 3 active revolving lines of credit. If you are only using 2 of your 3 cards, the unused card may be reporting negatively. Use each of them sparingly and pay them off monthly.

Who’s looking at your credit?

Watch inquiries- Going from one creditor/mortgage shop, to the next to the next will cause scores to drop. A good Lender will provide you with a credit report and you can still do comparison shopping without affecting your score.

Mortgage Debt:

A mortgage is an important part of your score. 35% of credit composite is mortgage history. Without a perfect mortgage history you cannot have a perfect score.

Best Advice:

First: Get copy of credit report and have it analyzed by a professional. If you need to make repairs to your credit it can take 4-6 months to improve it and change your qualifying ability at the highest and best rates available.

Don’t assume you know what you are doing on your own, give Wes a call and he will set you up with a FREE ANALYSIS and get you on your way to home ownership. We are here to help you get the lowest interest rate at the best possible house.

Contact us:

Thank you so much for watching. If you need more information go to my website or give me call. As always, we always love to talk to you about all of your Las Vegas, Centennial Hills, Summerlin, and North Las Vegas real estate needs. (702)379-3401 www.DaveRadcliffeVegas.com