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The finance company will typically make some initial attempts to collect on the deficiency balance by making a couple collection calls, and sending a collection notice or two.But their collection efforts are often quickly turned over to outside collection agencies.FHA underwriting standards for home loan approval have pretty low credit scoring thresholds compared to other lending standards.
At this stage (after 3 years), you probably will see the auto loan default and charge off, but could see other negative credit reporting from a debt collector or debt buyer.Current Score: 540 Goal Score: 650 Let me know if you would like any further information. I figure there is no better time than now to at least get a game plan and start making steps in the right direction. You can have better results going about your own credit repair, than by hiring someone. First thing I want to address is the patience part.The number one ingredient you will need is patience, sprinkle in the resources to resolve old unpaid bills in collections (when it makes sense to do so), and a dash of know how – and you are on your way to recovering your credit score. There are going to be different circumstances for each person trying to repair their credit.More often than not the auction price paid will be less than the loan balance that was still owed.
The auction price will get subtracted from the loan balance and any amount on the loan left over is referred to as a deficiency balance.Events (not in any particular order): Forclosure of home: July 2012 Reposession of cars (2) November 2010 Credit card debt: We had 7 open revolving lines of credit, all of which are now in bad standing.