Probably, but the FAQ sections of each reporting agency can better answer as to their respective scoring policies.
Of course it will negatively affect your credit score. What you really need to do is file Chapter 7 Bankruptcy. To properly answer your questions and address your concerns, the best way to handle this is with an in person consultation with an experienced CA bankruptcy attorney. Use AVVO's Find a Lawyer tool to select a qualified attorney. Good luck. THIS IS NOT LEGAL ADVICE! YOU NEED TO SPEAK TO AN ATTORNEY WHO IS LICENSED IN YOUR STATE FOR LEGAL ADVICE. This is merely suggestions for you to think about in discussing your situation with the local attorney.
If you found this Answer helpful, please mark it as "Best Answer" Please be advised that the answer above is only general in nature cannot be construed as legal advice, given that not enough facts are known. It is your responsibility to retain a lawyer to analyze the facts specific to your particular situation in order to give you specific advice. Specific answers will require cognizance of all pertinent facts about your case. Any answers offered on Avvo are of a general nature only, and are not meant to create an attorney-client relationship.
Yes, a sherriff's sale of an asset, such as your home, would have about the same effect on your credit score as a foreclosure.
Answers and comments provided are for general discussion only. My comments are not to be considered legal advice and they do not create an attorney-client relationship.
Yes. Plus, the judgments, liens and delinquency will have an effect too.
You are not my client and I am not your attorney. This advice is given in the spirit of the AVVO platform and is based on general legal principles. You become a client when you enter into a formal retainer agreement with me.
It's hard to think your credit can get much worse than not paying your mortgage or other loans that put liens on your property for many years. It is the actual non-payment that makes your score go down.
This should not be considered legal advice and is intended for educational purposes only. It does not constitute a contract for legal services between any parties. Answers are given to questions for which there may be additional facts not mentioned which might change the legal issues or consequences.
You really should consult with an attorney Monday. The value of your home, whether it is your primary residence, your age, the type of debt the liens are for, whether you filed a Homestead Declaration all affect what your rights are and if you can claim any exemptions. Especially if these are liens for the non-payment of HOA dues. Talk to a lawyer who knows bankruptcy, a Chapter 7 filing may be appropriate for you to save your home.
This advice relates only to California Law. This advice is not intended to be specific legal advice but a general summary of the law as it relates to your question. By answering this question no lawyer client relationship is created; lawyer/attorney wants to be clear that this answer is published in a public forum, for public benefit and equal access to justice purposes only. Always consult an attorney to review any and all documents, to fully explain your rights under California Law.
The judgments that will be collected by the sale may have done as much damage as the sale will do.
Talk to a local bankruptcy attorney on Monday.. You may be able to salvage something. Also, many people find their credit score improves when they file for bankruptcy.
When the person gives you money, the person has an attorney and the attorney has a client, but not until then. Inspired by words of Abraham Lincoln
Do not assume that you are not entitled to delay the sale or receive some of the sales proceeds; a homestead exemption claim may allow you to "avoid" the judgments so that you receive $75-$175k in equity. Consult an Orange County Bankruptcy Attorney ASAP.
Our Rating is calculated using information the lawyer has included on their profile in addition to the information we collect from state bar associations and other organizations that license legal professionals. Attorneys who claim their profiles and provide Avvo with more information tend to have a higher rating than those who do not.What determines Avvo Rating?Experience & background
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline