The following in excellent information for anyone who is confused about or considering bankruptcy. The article was written by Linda Ferrari and you can read more about here http://lindaferrari.com/about/
A bankruptcy is reported on your credit report as a public record, and there is no doubt that your scores will drop anywhere from 100-300 points when it first hits, depending on how many points you still have to lose in your payment history factor. Keep in mind, by the time you have filed bankruptcy your scores have already taken a serious hit from the delinquent accounts. That's the bad news. The good news is that you can start rebuilding immediately.
How Long Will A Bankruptcy Remain On Your Credit Report?
Section 605 of the Fair Credit reporting Act states that bankruptcies can remain on a credit report for up to 10 years. Here's the language:
605. Requirements relating to information contained in consumer reports [15 U.S.C. §1681c]
(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that, from the date of entry of the order for relief or the date of adjudication, as the case may be, antedate the report by more than 10 years.
That legal language states that no bankruptcy can be reported for longer than 10 years; however, all three credit bureaus report as follows: Chapter 7 bankruptcies for 10 years from the date of the filing, and Chapter 13 bankruptcies for 7 years, also from the date of filing.
That does not mean that you have to wait 7-10 years to seek removal. I've said it before-to my knowledge there is no language in the law that states items MUST be reported for a certain period of time, only that they CAN be.
Steps For Recovering & Rebuilding Credit After Bankruptcy
FACT: I have reviewed more than 15,000 credit-challenged cases and have NEVER seen a single bankruptcy reported accurately
Very often, individuals suffer an emotional surrender when they resort to bankruptcy. Frequently they just abandon concerns regarding their credit reports and scores, certain that they face a long and painful road back.
This, absolutely, does not have to be the case. You can embark on your path to recovery from bankruptcy immediately after filing. Doing so will help you emerge from bankruptcy stronger and faster. It will also give you a huge emotional boost because you will feel proactive as opposed to resigned.
TIP ONE: Pre-Bankruptcy. As soon as you have decided to file bankruptcy, pull your credit reports and scores. You should clean up any inaccurate or outdated derogatory information before the file goes to bankruptcy. Specifically, you want to validate all delinquency dates on the accounts you will be including-specifically collection accounts. If the 7-Year Reporting Period is around the corner or has already passed, you do not want to include that account in the bankruptcy filing. It will only obligate you to either pay it through a Chapter 13, or may extend the overall reporting period of that account on your credit reports.
If you are proactive in cleaning up your credit reports prior to filing for bankruptcy, it will lessen the score penalty when the bankruptcy hits. I've seen many credit scores in the mid to high 600s within six months to a year after a bankruptcy has been filed and that is because the rest of the credit was strong. Start as far in advance as you possibly can. Don't make the mistake of assuming that the bankruptcy will take care of everything in the file; it won't.
TIP TWO: Bankruptcy Re-List. Don't rely on your attorney to clean up the mess. It's not their job. The strongest tool you have to rebuild after a bankruptcy is through a bankruptcy re-list.
This is a very simple, mission-critical process. Once your bankruptcy has been filed, a bankruptcy re-list requires that you go line by line through your credit report to make sure that all items are reported as "included in bankruptcy," listed with a $0 balance. This is very important because it draws a line around the disaster. The credit scoring system has been programmed to understand that there is a containment plan in place and that the items listed in the bankruptcy have been dealt with.
The credit score penalty for a bankruptcy supersedes all other ratings on each account included. So if the accounts included are not showing as included, you will be receiving multiple penalties where you should be receiving only one big penalty.
Plus, if accounts are still showing as open, in collection with a balance, collection agencies will continue to try and collect; making your life miserable.
I have seen hundreds of instances in which a bankruptcy re-list has improved consumer credit scores by 50 or more points instantly. If you do not have the energy to conduct the re-list on your own, hire a professional credit repair company to act on your behalf. But this is one step you cannot overlook.
TIP THREE: Get a Secured Credit Card. Do not fall prey to scams. There are many creditors out there who focus specifically on people who have just been through bankruptcy. They see them as easy targets because they know consumers automatically assume they will not be able to get any credit. Stick to a safe plan and apply for a secured credit card within 4-6 months. Then, apply for another secured card within 2-3 months after that. There are specific rules on how to manage credit cards that I cover in detail in my book, The Big Score - Getting It & Keeping It.
TIP FOUR: Own It. It's very important that you take full ownership of your long-term credit situation. The court and the lawyers will get you through the bankruptcy, but that's all they will do for you. They will do nothing for your credit recovery, no matter what your lawyer tells you. You need to manage your credit perfectly to get the attention of the scoring system. And that means being vigilant and being consistent. Pull your credit reports every 4-6 months. Re-establish credit steadily, pay on time, keep balances low, and watch your credit for that 80% chance of error that has nothing to do with you. Use the knowledge you have gained from this book.
In Conclusion
The decision to file for bankruptcy is an extremely personal one. The decision requires weighing many conditions; both financial and personal. What I have tried to do in this article, and in my book, is to show you some reasonable strategies to recover should bankruptcy be your chosen debt relief option.
Click here to read about Linda Ferrari's new book, The Big Score - Getting It & Keeping It. A must have for every professional.
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I recently wrote a blog post "Is Toxic Drywall the next asbestos or lead based paint?" in order to inform homeowners and home buyers of the possible problems with homes built in Florida and other states during the boom years.
On April 1st 2009, "Consumer Reports" released an article regarding the legislation filed by Senators Bill Nelson (D-FL) and Mary Landrieu (D-LA) with regards to initiating a recall of the Drywall from China. Landrieu stated
“This Chinese drywall represents an attack on our homeowners, a defrauding of our home builders and another obstacle on our road to recovery,”
The number of exposed homes continues to grow. The Senators involved with the recall now believe that between 60,000 and 100,000 homes nationwide may contain the toxic drywall. Some have estimated the homes exposed to be upwards of 250,000. Most of those homes are thought to be in Florida and Louisiana but other states include California, Arizona, Ohio, Texas, Louisiana, Nevada, the Carolinas, Georgia, Mississippi, Virginia.
For more articles about the Chines Drywall issue please visit:
Chinese Drywall Complaint Center
As I stated in my first blog post"Is Toxic Drywall the next asbestos or lead based paint?" about this growing concern:
"I would suggest to anyone looking to purchase a home built in the years in question be thorough with their inspections.
If you are a homeowner that knows your home contains this drywall product make sure to tell your Real Estate Listing Agent and fully disclose this material fact to all potential buyers."
Real Estate professionals should also become familiar with this issue and disclose any information they may have regarding a home suspected to contain this Chinese Drywall.
Does this problem effect the value of a home built with the tainted drywall from China? What do you think!?!?
It will be interesting to see if the National Association of REALTORS® and local State Licensing Agencies for real estate will be pro-active with regards to protecting their members and homeowners by requiring a disclosure addendum to a real estate purchase contract much like those already required for lead based paint and mold.
If you have any more information about this Chines Drywall problem or have a personal experience with regards to this issue to share...please leave a comment.
Kristi Ross - REALTOR® - With over 14 years of experience in buying, selling, managing & investing in real property personally in addition to being a very active, full time REALTOR in Palm Coast/Flagler County, Florida for 7 years ....I have learned that information is power and I am an advocate for customer empowerment.
Palm Coast, Florida
(Non Gated - Not on Saltwater Canal)
Located East of I-95 & North of Palm Coast Parkway
Because of the real estate downturn of home and vacant land prices in Northern Florida...you can now find affordable homes in Palm Harbor that sold for tens of thousands more just a few short years ago.
A significant decrease is prices has again occurred just within the last 6 months...making the prices of homes in all of Palm Coast very attractive
95 Homes for Sale
Lowest Priced Home: $70,000
Highest Price Home: $369,900
# of Listings Bank Owned: 2
% of Listings Bank Owned: 1%
Search Bank Owned Home Listings
# of Listings Short Sale: 97
% of Listings Short Sale: 25%
Absorption Rate: 16 Months (1 year & 4 months)
Type of Market: Very Strong Buyer's market
Average Sales Price Per Sq Ft: $66
Sale Price/List Price Ratio: 88%
Kristi Ross - REALTOR - With over 14 years of experience in buying, selling, managing & investing in real property personally in addition to being a very active, full time REALTOR in Palm Coast/Flagler County, Florida for 7 years ....I have learned that information is power and I am an advocate for customer empowerment.
You can sign up to be on the list of first to know when properties meeting your ideal criteria are newly listed, go pending or are sold.
The above statistical data was gathered from the Flagler county MLS and is not to be guaranteed reliable or accurate and is for informational purposes only.
The search homes information is provided through IDX. Kristi L. Ross PA, Hawk Beach Realty, My Broker or associates are not in anyway responsible for any mistaken information provided.
Palm Coast, Florida
Because of the real estate downturn of home and vacant land prices in Northern Florida...you can now find affordable homes in Lehigh Woods that sold for tens of thousands more just a few short years ago.
A significant decrease is prices has again occurred just within the last 6 months...making the prices of homes in all of Palm Coast very attractive
183 Homes for Sale
Lowest Priced Home: $85,000
Highest Price Home: $299,900
# of Listings Bank Owned: 1
% of Listings Bank Owned: .5%
Search Bank Owned Home Listings
# of Listings Short Sale: 97
% of Listings Short Sale: 53%
Absorption Rate: 9 Months
Type of Market: Buyer's market
Average Sales Price Per Sq Ft: $71
Sale Price/List Price Ratio: 99%
Kristi Ross - REALTOR - With over 14 years of experience in buying, selling, managing & investing in real property personally in addition to being a very active, full time REALTOR in Palm Coast/Flagler County, Florida for 7 years ....I have learned that information is power and I am an advocate for customer empowerment.
You can sign up to be on the list of first to know when properties meeting your ideal criteria are newly listed, go pending or are sold.
The above statistical data was gathered from the Flagler county MLS and is not to be guaranteed reliable or accurate and is for informational purposes only.
The search homes information is provided through IDX. Kristi L. Ross PA, Hawk Beach Realty, My Broker or associates are not in anyway responsible for any mistaken information provided.
Palm Coast, Florida
Indian Trails is one of the most built out communities in Palm Coast, so it is not a surprise that it has high inventory levels of homes on the market. Indian Trails has always been a desired area due to its proximity to schools, the Library, restaurants, grocery stores etc. Located just to the North of Palm Coast Parkway - West of I-95 and to the south of Matanzas Woods...it is in close proximity to the new Palm Coast Park development.
Because of the real estate downturn of home and vacant land prices in Northern Florida...you can now find affordable homes in Indian Trails that sold for tens of thousands more just a few short years ago.
A significant decrease is prices has again occurred just within the last 6 months...making the prices of homes in all of Palm Coast very attractive
155 Homes for Sale
Lowest Priced Home: $64,900
Highest Price Home: $561,000
# of Listings Bank Owned: 3
% of Listings Bank Owned: 1.9%
Search Bank Owned Home Listings
# of Listings Short Sale: 26
% of Listings Short Sale: 17%
Absorption Rate: 16 Months (1year & 4 Months)
Type of Market: Very, Very strong buyer's market
Average Sales Price Per Sq Ft: $63
Sale Price/List Price Ratio: 92%
Kristi Ross - REALTOR - With over 14 years of experience in buying, selling, managing & investing in real property personally in addition to being a very active, full time REALTOR in Palm Coast/Flagler County, Florida for 7 years ....I have learned that information is power and I am an advocate for customer empowerment.
You can sign up to be on the list of first to know when properties meeting your ideal criteria are newly listed, go pending or are sold.
The above statistical data was gathered from the Flagler county MLS and is not to be guaranteed reliable or accurate and is for informational purposes only.
The search homes information is provided through IDX. Kristi L. Ross PA, Hawk Beach Realty, My Broker or associates are not in anyway responsible for any mistaken information provided.
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Florida Licensed REALTORS specializing in Short Sales, Bank Owned Homes & Waterfront Properties - Oceanside, Intracoastal & Saltwater Canal from Marineland to Flagler Beach.
The recent tumbling of home prices in Palm Coast have created an excellent opportunity for those who are wise. Some amazing buys are popping up daily in Palm Coast and Flagler County FL. It would be my pleasure to share those opportunities with you by weeding through all the worthless noise and finding those few gems instead of wasting time.
With over 24 years combined experience in acquiring, rehabbing, renting and marketing homes, plus being licensed REALTORS in the state of Florida, The results oriented team of Martin Collins & Kristi Ross have learned what works with regards to real estate buying and selling, and what doesn't.
Kristi Ross - Palm Coast, FL REALTOR
With over 14 years of experience in buying, selling, managing & investing in real property personally in addition to being a very active, full time REALTOR in Palm Coast/Flagler County, Florida for 8 years and also a Licensed Colorado Broker....I have learned that information is power and I am an advocate for customer empowerment.
Let my expertise with data analysis, information technology, proven negotiating strategies and a portfolio of hundreds of satisfied customers and closed real estate transactions benefit you when buying or selling real estate is Palm Coast & Flagler County, FL. I am also, sometimes unfortunately during these tough times, very seasoned and experienced with bank owned foreclosures and short sales….if you are looking for a REALTOR to handle your most important transactions….contact me today….@ PalmCoastMLS@gmail.com
If you are planning a trip to Florida this year, we highly recommend you stop by Palm Coast and check out the tremendous value you can get on a home, condo, duplex or building lot. Please take time to check out our HOT PROPERTIES list.
If you would like more information about Palm Coast/Flagler County, FL real estate opportunities; feel free to contact us by email or phone 386-931-5822.
We know the Palm Coast - Flagler County Florida Real Estate market like our life depended on it...because it does.
Palm Coast, Florida - Flagler County is situated in the eastern portion of Flagler County, which is located on the Atlantic Ocean, in the heart of Northeast Florida, equidistant between the cities of Jacksonville and Orlando. Currently, the City of Palm Coast has a population of approximately 70,000 residents and covers an area of approximately 60 square miles. Ranked as the fastest growing city in the nation for the last 5 years, it is one of the most desirable places in the southeast to retire, own a vacation home or open a business. Flagler Beach, Florida - Flagler County is a quaint "Old Florida" type community that is becoming one of the "hot" destinations in Florida and is part of the growing Palm Coast Area, a twenty-mile stretch of scenic coastline that is a true haven for the active individual. Visitors, as well as those looking to relocate, are discovering the area's advantages; close proximity to resort and culture centers, tranquil waterways, subtropical forests and freshwater lakes, first class golf and amenities, yet far removed from the stress and fast pace of other, larger cities. The Hammock, Florida - is a fast growing area of Flagler County that has seen much of its changes in just the last five years. Beautifully landscaped gated developments now dot the uncrowded cinnamon colored beaches. The Hammock offers resort style living at its best, featuring the communities of Hammock Dunes, Hammock Beach Condos, Yacht Harbor Marina, Cinnamon Beach & Ocean Hammock. Tastefully designed yet affordable, the Hammock has become the first choice destination for baby boomers, retirees and vacation home owners. Hammock Dunes Homes & Hammock Dunes Condos - Exemplifying luxury oceanfront living, Hammock Dunes is renowned for its splendid choices in residences, outstanding amenities, and the private Equity Club. Among the many benefits of Club membership are access to two championship, award-winning and distinctive golf courses by two of the game's most respected designers, the masterful Rees Jones Creek Course and the legendary seaside Tom Fazio-designed Links course each with its own unique Clubhouse. Coupled with the stunning vistas of the Atlantic Ocean, the Hammock Dunes Club offers tennis and seaside croquet as well as casual and fine dining. Ocean Hammock - is adorned by its 2.5 miles of unspoiled beachfront and its miles of nature trails in its unpretentious location just off of A1A. Ocean Hammock is comprised of over 1,000 acres surrounded by over 300 acres of preserve and is the largest gated community in Palm Coast, Florida. Within Ocean Hammock are 11 neighborhoods that consist of nearly 800 single family homesites & homes and over 750 condo and villas. Hammock Beach - Hammock Beach covers more than 1,000 acres and commands a pristine two-mile stretch of beach that is beautiful to look at as well as play golf alongside. Membership in The Club at Hammock Beach allows you to enjoy the fitness center and spa, tennis courts, restaurants and the multi-million-dollar swim pavilion along with a full host of amenities that offer the finest of coastal living. Tidelands - Surrounded by water on three sides, Tidelands on the Intracoastal was designed to reflect the draw of the tides-to pull people together to enjoy a life built around the water. Tidelands offers boating and wildlife enthusiasts preserved wetlands, nature trails, and approximately 11 acres of interconnected lakes and lagoons ideal for kayaking, canoeing and neighborhood gatherings. Residents enjoy nearly a mile of Intracoastal Waterway frontage and a lifestyle enhanced with resort amenities Grand Haven - A premier residential golf community. Located on more than 1,478 acres along the Intracoastal Waterway in Palm Coast, Grand Haven offers an array of fine amenities: a Jack Nicklaus Signature golf course, a world-class country club, a gated community with large homesites and award-winning builders. This master-planned community is comprised of intimate villages linked by winding trails and tree-lined streets. Bike paths, parks and an adjacent 4,000-acre nature preserve highlight the community's natural beauty, making outdoor activities a way of life. Grand Landings - A gated master planned community designed around the natural beauty of coastal Florida. Neighborhoods have been carefully planned to blend with the environment. Within Grand Landings, you'll find a rich assortment of amenities connected by walking trails, sidewalks and community parks. Elegance and casual living are a way of life here - in a place as active or as laid-back as you care to make it. Homes from the area's best builders are offered in a variety of styles and floor plans to fit any lifestyle. Palm Coast Plantation - the east by the Atlantic Intracoastal Waterway and on the west by a 4,000-acre state-owned wildlife preserve, Palm Coast Plantation is the perfect community for those who not only love nature but seek an active coastal lifestyle. Lot sizes range from one-quarter to one-half acre. Lot owners are permitted to choose their own builder and can build at any time they want. Flagler County Schools, a progressive school district on Florida's east coast and one of the top five fastest growing counties in the United States. "Raising Student Achievement Everyday, Everyway" is the primary goal. Committed to providing each and every student with the finest education. Education for a changing world to approximately 12,650 Pre-K-12 students. Daytona Beach Community College -more than 33,000 students a year in Volusia and Flagler Counties.The school offers more than 100 associate degree and certificate programs, including a bachelors degree in supervision and management introduced in 2006.The college has satellite campuses in DeLand, Deltona, New Smyrna Beach and Palm Coast. The high-tech trade school, Advanced Technology College in Daytona Beach, is part of DBCC.Palm Coast - Flagler County Coastal Living Guide
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Are you ready to start your search for your future home??
Featuring everything from bank-owned foreclosed homes under $100K up to luxurious Oceanfront Homes and Condominiums...you will find everything you need when searching for Palm Coast & Flagler County Florida real estate all in one place.
Kristi Ross - REALTOR - With over 14 years of experience in buying, selling, managing & investing in real property personally in addition to being a very active, full time REALTOR in Palm Coast/Flagler County, Florida for 8 years and also a Licensed Colorado Broker....I have learned that information is power and I am an advocate for customer empowerment. Let my expertise with data analysis, information technology, proven negotiating strategies and a portfolio of hundreds of satisfied customers and closed real estate transactions benefit you when buying or selling real estate is Palm Coast & Flagler County, FL. I am also, sometimes unfortunately during these tough times, very seasoned and experienced with bank owned foreclosures and short sales….if you are looking for a REALTOR to handle your most important transactions….contact me today….@ PalmCoastMLS@gmail.com
Martin Collins – REALTOR – Florida Licensed in Real Estate since 2003 and over $40 Million in sales covering full range of properties, including: Short Sales, Commercial Property, High End Gated Communities, Vacant Land, Water Front Properties, Golf Communities, Rental Properties I have developed a broad customer base in both the U.S. and Internationally. My goal is to assist both buyers and sellers achieve their ideal goals in today’s diverse real estate market. For professional service and real estate representation with integrity…contact me today @ PalmCoastMLS@gmail.com
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