Your friend's credit is already affected because of late payments. However, if he works out a modification - which will also modify how much patience he/she has with phone systems and banks - then the lates will be removed from the credit reports in many cases, and the credit will be improved.... more
Painting a bedroom isn't even slightly equivalent to buying a house, and a licensed painter isn't even slightly equivalent to a licensed real estate agent.
Massachusetts requirements to be a real estate agent: "submit proof satisfactory to the board that he has completed courses in real estate subjects approved by the board, such courses to total twenty-four classroom hours of instruction"
A painting license requires four years of on the job experience.... more