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Company Loan Type APR Est. Pmt.

mortgage forclosure

Posted on: 25th Aug, 2007 07:17 am
I have question. We have 2 house and we can't afford paying the other house. If we put the other house into forclosure procedure are we gonna loose the other house also. We concern that stuff because I was told that if we put the other house into forcosure proceeding they will get our other house also but we're making payment ontime on the other house.
Posted on: 26th Aug, 2007 08:55 pm
Yes I would also say that try to avoid foreclosure if possible. It will result in your credit score dropping by quite a lot and affect your future borrowing options.

Like Larry said first try out any loss mitigation plan before considering foreclosure. It should always be the last option to think of.

Miller
Posted on: 27th Aug, 2007 11:03 am
did you ask them about a deed in lieu of foreclosure.

if they accept this option then getting a deficiency judgement for recovery of balance dues (if any) will not be the concern.

the reason is that most lenders waive their rights to go for deficiency judgment after accepting the house through a deed in lieu of foreclosure.
Posted on: 27th Aug, 2007 11:57 am
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