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Becoming a cop with questionable credit (foreclosure)

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  • Becoming a cop with questionable credit (foreclosure)

    Actually, my credit is GREAT, all except for a foreclosure I am currently going through. The problem I had was that I got into a bad loan that blew up on me. My wife and I could not afford the payment and commute costs anymore, so we decided foreclosure was our best option. Now that I am applying to the CHP as well as a couple other dpts, I am a bit worried. The process should finish this month, but when my credit gets run, it will come back very low (almost deceptive). Everything else I have gets paid on time. Sure I have CC debt, but I also have savings.

    The question I have is will the foreclosure keep me outof the CHP as well as other dpts?

    Thanks

  • #2
    Flatty, as you already know it does not look good however I would still apply and be honest about your situation if allowed. Cops are people, people make mistakes. Just don’t try to hide anything.

    Comment


    • #3
      You are not the first to ask about this. Here's what I don't understand: You DO have money in the bank but you CHOOSE to stop paying. Why? This job is all about integrity. IMO, your situation is very different from the guy who lost his job, or who has to pay a humongous hospital bill because of an unexpected illness in the family and can no longer afford his home.

      I have talked this over with my husband, who's in the mortgage business. He says, anyone who talks you into walking away from your house does NOT have your best interest in mind.
      In backgrounds ...

      Comment


      • #4
        Originally posted by Copp'rPenny View Post
        You are not the first to ask about this. Here's what I don't understand: You DO have money in the bank but you CHOOSE to stop paying. Why? This job is all about integrity. IMO, your situation is very different from the guy who lost his job, or who has to pay a humongous hospital bill because of an unexpected illness in the family and can no longer afford his home.

        I have talked this over with my husband, who's in the mortgage business. He says, anyone who talks you into walking away from your house does NOT have your best interest in mind.
        The money we managed to save up was NOT due to not paying a mortgage, rather from other things that happened this past month. I have been moved out for over 6 months now. The payment on the house doubled in just about a month (we could not afford this, the commute costs,...) This has nothing to do with walking away because I chose that I did not want my house (I love my house and lived next door to my best friend).

        We talked to a couple of attorneys and they all told us the same thing.. We can't afford this no matter what, and unless the bank worked with us (which they refused to do), we would have to walk away from the house.

        Comment


        • #5
          Let me guess...where you in an interest-only or 100% financing type of home loan? If so, you are not alone...but any hopes for law enforcement are slim. Most agencies won't hire someone with bad credit period, they see it as a possible risk if you decide to run your own bail schedule (or so I've seen, been told, and heard).

          Comment


          • #6
            Originally posted by avalon42 View Post
            Let me guess...where you in an interest-only or 100% financing type of home loan? If so, you are not alone...but any hopes for law enforcement are slim. Most agencies won't hire someone with bad credit period, they see it as a possible risk if you decide to run your own bail schedule (or so I've seen, been told, and heard).
            100% loan. Oh well, the best I can hope for is a background officer that wants to give me a shot at this. The funny part is every other bill I have has been paid perfectly. This is the only bill that has been late. Nothing I can do about this now.

            Comment


            • #7
              Originally posted by Flatty View Post
              100% loan. Oh well, the best I can hope for is a background officer that wants to give me a shot at this. The funny part is every other bill I have has been paid perfectly. This is the only bill that has been late. Nothing I can do about this now.
              Yup, if everything else looks kosher, there is a possibility that they might look past it.

              I wish you the best of luck, because I know how many people got duped and screwed as a result of that 100% financing or interest-only loans. My gf is one of them.

              Comment


              • #8
                The problem is NOT that it was a 100 percent loan. The problem is that it's adjustable. The problem is you took out a loan you can't afford to pay. This happened for one of several reasons:

                a) You didn't read the small print.
                b) You didn't understand the small print.
                c) Your broker duped you.

                Which one of these is OK??????
                In backgrounds ...

                Comment


                • #9
                  I don't think it will necessarily DQ you from a background (though it may with some depts).

                  But right now the job market in LE is 100 applicants for every job. Your chances are slim. Even with everything else perfect (military, degree, uber clean background) it's a hard sell.


                  For others who read this thread. Don't buy stuff you can't afford if you wanna be the police. If you can't pay off that credit card, don't buy the dirt bike, xbox, neat gun, etc etc.

                  Comment


                  • #10
                    You may apply to the CHP; however, at this point in your foreclosure, the liklihood of being accepted is pretty low even with a plausible explanation.

                    A poor credit rating tends to display poor personal management and decision making skills even if you were "duped" because you should fully explore all options before putting pen to paper.

                    If you are young enough and can wait out a couple of years, you may be accepted by the CHP at a later time. A time when you have shown more personal management skill.

                    Good luck!!
                    Be courteous to all, but intimate with few, and let those few be well tried before you give them your confidence!

                    [George Washington (1732 - 1799)]

                    Comment


                    • #11
                      Flatty all you have to do is provide all your expenses, responsibilities and everything else in between. Explain to all your BI's your unique situation because no two people have the same exact background problems.

                      Let them decide. There are plenty of officers hired on or working now with questionable credit. No one is perfect and no one has a perfect background.
                      What if quotas did exist?!

                      Comment


                      • #12
                        I know of several people hired by smaller Orange County agency's in the past year with less then favorable credit. Most PD's are not concerned with your credit score. They are looking at your ability to borrow and pay back money.

                        Comment


                        • #13
                          All very good points. I guess I just have to roll with the punches and see what happens. As for my foreclosure and why I ended up in this situation, I guess I am the only one that really knows the reasons. I only hope I can explain the situation to my BI and make some sense of it. There is no one reason someone goes into foreclosure, and there is no good reason for it. Thanks for all the advice. It appears as though there is still a slim chance I can get in (A slim chance is better than no chance).

                          Comment


                          • #14
                            I'm sorry I get so animated about this subject. But I've had a front-row seat to watch the whole implosion. Seriously, the economy is in the toilet precisely because of a mortgage crisis.

                            Were there bad brokers? Absolutely. My husband estimates that 50 percent of them were scumbags (he's a mortgage banker, not a broker, but there were some duds there, too). But no one put a gun to the borrowers' heads and made them buy a house (or take out a second mortgage) that they couldn't afford. Also, how could they not know if a loan was adjustable, or a neg am?

                            And now people think it's better just to walk away. And there should be no consequences for the mess. But there is. The consequence is an economy in the tank, a president who thought corporate buy-outs were the answer (I'm talking about Bush) and another president who wants to leverage our country out of this mess ... which is the exact same thinking that got us into it in the first place!

                            Maybe we'll all have smaller homes and fewer toys in the future. But shouldn't there be some satisfaction in being a good steward of your money and living responsibly?

                            OK, off my soapbox and back to our regularly scheduled discussion about who's still hiring.
                            In backgrounds ...

                            Comment


                            • #15
                              Originally posted by Copp'rPenny View Post
                              I'm sorry I get so animated about this subject. But I've had a front-row seat to watch the whole implosion. Seriously, the economy is in the toilet precisely because of a mortgage crisis.

                              Were there bad brokers? Absolutely. My husband estimates that 50 percent of them were scumbags (he's a mortgage banker, not a broker, but there were some duds there, too). But no one put a gun to the borrowers' heads and made them buy a house (or take out a second mortgage) that they couldn't afford. Also, how could they not know if a loan was adjustable, or a neg am?

                              And now people think it's better just to walk away. And there should be no consequences for the mess. But there is. The consequence is an economy in the tank, a president who thought corporate buy-outs were the answer (I'm talking about Bush) and another president who wants to leverage our country out of this mess ... which is the exact same thinking that got us into it in the first place!

                              Maybe we'll all have smaller homes and fewer toys in the future. But shouldn't there be some satisfaction in being a good steward of your money and living responsibly?

                              OK, off my soapbox and back to our regularly scheduled discussion about who's still hiring.


                              I love a good arguement... I agree that the home foreclosure is a contributing factor to the downfall of our economy, but certainly NOT the reason for it. The economy actually works in cycles. Since the great depression (since the market has been tracked), the market would work in a 4 year cycle. There are 2 ways to describe the economy... Bear and Bull market. A bear market is when there is at least a 20% drop in the market over a 2 month period. A Bull market is not as easily defined, but it generally means a rise in consumer confidence which causes a rise in the market. Since the great depression the market would work in a 4 year cycle where for 3 years we would go into a bull market, and then for almost exactly 365 days we would be in a bear market. This was pretty much true up until the mid-late 90's when the market blew up. Everything was overinflated. Stocks were trading at PE ratios that were unheard of. People were speculating that certain "dot-com" companies were going to blow up and companies were trading at 300+ percent of their actual earnings.

                              Well after 10+ years of this growth (without a correction), the market HAD to correct, and correct it did. The market shifted and OVER corrected. All teh leading economists were predicting this. Now THIS is where all these fancy homes and toys come into play. People were banking on their options as being "in the money" and when these options tanked, they were left with nothing.

                              Now as for the brokers... There is a reason some of these people are sitting in jail right now. Some VERY unfavorable practices. Now lets talk about 100% financing for a second. It was unethical for a bank to give a person both a first and a second loan (from the same bank). THIS got a LOT of people into trouble. I learned about this AFTER everything on my loan shifted.

                              I agree that there has to be a certain amount of accountability on the buyer. No one put a gun to my head, but it was hard to pass up a house when I was living in a studio with my wife and dogs. The appeal of getting out and starting a family was a bit too much to pass up.

                              As for the fine print... I shoud have read that, and the broker should have explained it to me... However neither happened, and I can't take that back. This is a mistake I ahve to live with. as bad as that is, there is nothing I can do about that. OK, now I am finished with my little rant.

                              BTW,there is a reason I know a lot about the market. Before I got into my current carreer, I was a stockbroker. I knew how the market worked. I got out because I could not look my clients in the face and tell them the market was losing their money (most of my clients were teachers and cops). Momey was not that important to me to give up my personal integrity.

                              Sorry for the long post

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