reposesed car of 14thousand cause me problems if refinance?

Any derogatory credit will have an impact on your credit and could because you problems with a refinance... the biggest question is when did it happen and where did you credit score settle... If you're looking at doing a conventional HARP loan, then you're probably dead in the water.. If you're looking to do an FHA streamline, there might be a way.. But again, it all depends on when your repo happened and what your overall credit portfolio looks like.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Yep. Here's why. When the bank repossessed the car, it gets sold at auction to the highest bidder. Once the bank applies the proceeds of the sale to your loan, you are still indebted to the bank for the difference. That is a debt that could result in a lawsuit against you, a judgment and garnishment of your wages or seizure of your bank account. Because of this risk, a new mortgage will not be approved until you resolve the account. If you really want to become a homeowner, then my advice is to begin working with the lender you owe to settle up the account. Until this happens, you will not be approved. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

The repossession itself does not pose a problem, but it could have severally damaged your credit. Do you know what your credit score is?

Hi Kevin,How long ago did this happen? Is $14,000 the difference between what you owed them and what they sold it for? What are your current credit scores?Jeff PhillipsHP Investments, IncPhone - 415-867-6488Fax - 415-962-0474jeff@hpinvestmentsinc.comDRE - 01879516NMLS - 242083

did they file a judgment?? linda yourloanpartnerforlife@live.com

Not necessarily partly depending on how long ago it was and the type loan you use to refinance. Some lenders will have requirements limiting the total amount of collections you can have, and some mortgage programs also have limits.

all depends on the impact on your credit score.

If it was more than 12 months back that helps. When we do the painful analyzing of where are credit report is nowand what steps to take to get where we need to be... to get a refinance that actually saves us enough to makeit worthwhile...it often seems very doable. Hopefully, if you are not there now you can get there while rates are stillso amazingly low. I have made a career of having many borrower's whose situation seemed near impossible,but they found they could get what they wanted much sooner than they thought. Best wishes on getting back on track!

If it has been more than twelve months that certainly helps your case. Having made a career out of helping many borrowerswho thought they could not get the loan to purchase a home or take advantage of great savings in refinancing, you likely can getyour desired goal before the low, low rates disappear entirely! Go through a careful analysis of your current situation withan experienced CA. mortgage loan consultant and determine where you are now in credit and what steps to take to getto where you need to be if your are not there yet. Best wishes!