Foreclosure ....????? ......

Pilotin909

Well-Known Member
A question to all the Part 121 pilots out there (Regional, especially Major) ...I am looking at foreclosing on my house ...I know its not ideal , but it is the reality of my situation. My question (and my fiance's concern) is for my employabilty (short and long term) to an airline after the event ...do airlines really look at your credit???? and will a foreclosure put my resume in the round file???? or would I still stand a chance ....????

Any help/advice would be appreciated in helping me make my decision.

Thanx,

C
 

rjmore

Gastrointestinally Challenged
I know several airlines look at your credit as a responsibility indicator to add to the whole package. It is in my contract that I can be fired if I declare bankruptcy. I'm not at a US carrier of course but some do look at it.

What stage are you in? I would suggest contacting someone in your area that might be able to work a short sale with your lender. In the past they weren't so willing to do it but they are in a bind right now. Just today I spoke with a couple that I am negotiating a short sale for. I'm going to buy the house and they are going to stay on as renters. Anything is better than a foreclosure on your credit. A lot of people out there can help you. PM me if you want to know more OK. I don't buy property in CA but I can probably help point you in the right direction.

For anyone that doesn't know what a short sale is, it is a fairly simple. Either a private investor or a loss mitigation company will contact your lender and try to have the foreclosure process stopped. They will then attempt to buy the property at a substantial discount from the lender. Even though they will take a loss, they avoid the foreclosure process. If they have a lot then they are more willing to work with you and the person working the short sale. Either way, they are going to lose money no matter what. This way it keeps the foreclosure off your record and theirs.

The one I am dealing with now is with Wells Fargo. To indicate how tough things have become, they used to NEVER even consider a short sale. That was back when they could get retail for the property. It was also before they had so many that they are triggering government investigations.

How deep are you in? The people I'm dealing with now are behind about $8,000. There is help out there.

Good luck....if you need help with any of this just let me know.
 

JoelT

Well-Known Member
SouthernJets checks your credit AFTER you are offered conditional employment but, BEFORE you do the psych and physical. Not sure what they are looking for.
 

BajtheJino

I'm looking at you.
The 121 I'm at DID NOT look at my credit.
Can't say I'd really want to work for someone that made the yea/nay decision on my (perfect) credit score.
 

SeanD

Well-Known Member
Pilotin909, sorry to hear about your situation. Foreclosure was almost my only option at one time. Have looked into renting your home out? I wouldnt foreclose until you have exausted every other possible option. Good luck.
 

wheelsup

Well-Known Member
+1 for a short sale. The more time you have the better. If your notice of default has already been posted and a sale date set up your back is up against the wall, although all hope isn't completely lost.

Your best bet is to immediately contact someone who specializes in it. Out in CA I bet there are hundreds of companies and/or Realtors doing it now.

The bad thing about a short sale is once you commit with one person, and the bank rejects it, you have to start all over. And sometimes it takes a long time for the bank to accept the offer. But it might be the best solution.

Out here in NC even local Realtors are getting into the short sale game. You will see property listed every now and then advertised as a short sale.

To answer your question having a recent foreclosure may effect your hireability. Or it may not. It depends on how well you spin it in the interview.
 

rjmore

Gastrointestinally Challenged
The good news is, the foreclosure process generally gets stopped while the short sale is being negotiated.

As for renting it out, the issue becomes that you would have to come current in order to do that. Depending on how far he is behind, that may not be an option.

The loss mitigator I use here in Houston works nationwide so I can put you in contact with her if you like. I don't have the time to negotiate the short sale myself so I use her and she gets paid well for her time. She has a fairly heavy accent but she is very good at what she does.

There are a lot of ways investors can help you but be careful. Some will try to get the deed without paying much more than the payments in arrears and working some sort of creative strategy. Be careful with that. I'm not saying it doesn't work but it can get messy.
 

Pilotin909

Well-Known Member
Thanx for all the advise and info, it has been great help. We are gonna look into doing a short sale on it.

Just hope I dont get the no go for a job because of it.


C

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I look back in Humility ...forward in Hope ....and up in Thanks
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rjmore

Gastrointestinally Challenged
Thanx for all the advise and info, it has been great help. We are gonna look into doing a short sale on it.

Just hope I dont get the no go for a job because of it.


C

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I look back in Humility ...forward in Hope ....and up in Thanks
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Good luck, keep in mind that the bank will not negotiate with you, the homeowner. There should be several companies and investors that specialize in this. Be careful with Realtors as they usually aren't quite as good at it as an investor.

Make sure they also ask for a "Waiver of Deficiency Judgment" so it is easier on your credit. A loss mitigation company will charge you a fee, an investor that is going to be the one purchasing your property probably won't. Also be sure to ask about tax inmplications with your CPA as there will be some. Whatever you do, try not to have that foreclosure on your record.

Good luck, if you have any questions let me know.
 

Goonie

Never say die
Absolutely. My finances are between myself, my wife and my creditors. My employer doesn't get to join that group.

-mini
:yeahthat:

Are they even able to check your credit legally? That's absurd and NONE of there business!
 

Boris Badenov

Just running in to a burning house...
You have to "authorize" it, I'm sure. The catch being, of course, no authorization, no job. It's just a matter of time before they require blood samples to check for defective genes, etc. Welcome to the Future. Are you an Alpha? A Beta? A Gamma? Don't worry, we know where you belong.
 

BillErvin

Peddling as fast as I can
:yeahthat:

Are they even able to check your credit legally? That's absurd and NONE of there business!
Yes its legal, If they check it as a condition of your employment you'll sign a waiver authorizing it..... if you want the job that is!!

Good credit is a measure of maturity and responsibility for employers.
 

Boris Badenov

Just running in to a burning house...
I'm pretty sure Chautauqua and Skywest don't require a credit check, and neither has any 135 I've ever worked for. If you prefer to allow your privacy to be eroded, suit yourself, but please don't try to scare others in to giving theirs away too.
 

Goonie

Never say die
Good credit is a measure of maturity and responsibility for employers.
I'm sorry, but that's BS!

#### happens sometimes. Just because someone might be going through financial struggles doesn't mean they are immature or irresponsible.
 
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