
Quoting
Foreclosure
Jack, this is not a hypothetical question. We are facing foreclosure. At auction sale, the junior lender of the purchase money loans will probably be wiped out. While we may not be sued as these loans are non-recourse in the fine state of California, the fact remains that this will ruin our credit. I suspect that the junior may sell the loans to a collections agencies and that that may end up creating a lot of hell for us. i can live with poor credit. I can live with
NO credit. But we cannot live without a job. We happened upon articles on the web about how poor credit affects employment, how people are being passed over promotions or even being fired due to their poor credit.
I am aware that California passed a law a while ago limiting the use of credit reports in hiring and or retaining employees. However, we all know that laws can always be side stepped.
We are a one income family. My husband works in IT for a non-profit. I stay home taking care of our special needs child as managing his therapies is a 24/7 job in and of itself. We worry that our very poor credit may affect this employment adversely. We worry that his current job may be in jeopardy or that he will have difficulties finding a new job if needed, if his current or future employers become aware of our terrible credit from the foreclosure. We are in real trouble and need advise. Thanks !!