Quote:
Originally posted by Penske_Account
Yes. I have a "friend" who did this. Defaulted on a major obligation. Refi'd out of it. And as part of that process negotiated into the Release a clear credit report result.
Notwithstanding that, that same said friend never had a problem renting apartments or getting credit at relatively low rates during the period that this default was on her credit report. If you score is otherwise good and your income is good (which I assume it is) this one thing is not going to sink you, especially not for a rental (unless the rental market has changed drastically since I was last in it).
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The rental market in Santa Monica is a bitch. Anything good has 5 offers on it within a day or two and the landlords get to pick and choose. I know of a recent situation where my friend was first in line and they actually took the second in line person who had a ridiculously high score. I'm not super worried, because Mr Man has a great score and this thing on my credit right now is an anomoly, which still doesn't put me into shitty credit land. But knowing that I'm trying to move into an owner's market makes me more concerned than usual.
But it is interesting to know that your "friend" negotiated that. The Bank thinks it has a pretty strong postion here, I think, because instead of a separate guaranty, I am one of two signatories on the note. There is no distinction in the paper between me and deadbeat. I haven't raised the issue of costs of collection and potential settlement amounts with them yet, because thus far I've been more fishing for information than anything.
