Legal Question in Real Estate Law in Florida

Re: Poor credit due to disability

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

Unfortunately, unless you can find a local lender that will treat you as an individual and not a bunch of number on a page, your credit score will be the most important determinative factor in deciding whether or not to advance credit to you. I do not know of any lender that will look back over almost three years of bad credit history regardless of the reason and say you have excellent credit. The total picture is looked at by all lenders.

If you file bankruptcy, some lenders will begin to look at you again after a one or two year period providing you have maintained an excellent credit history since then. Before the current credit crunch, some lenders had special programs for individuals who had filed bankruptcy and then restablished their credit but I am not sure if they still exist.

Scott R. Jay, Esq.

Re: Poor credit due to disability

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

Unfortunately, unless you can find a local lender that will treat you as an individual and not a bunch of number on a page, your credit score will be the most important determinative factor in deciding whether or not to advance credit to you. I do not know of any lender that will look back over almost three years of bad credit history regardless of the reason and say you have excellent credit. The total picture is looked at by all lenders.

If you file bankruptcy, some lenders will begin to look at you again after a one or two year period providing you have maintained an excellent credit history since then. Before the current credit crunch, some lenders had special programs for individuals who had filed bankruptcy and then restablished their credit but I am not sure if they still exist.

Scott R. Jay, Esq.