Posted on: 14th Jul, 2008 03:01 pm
what will happen if my house gets foreclosed on and it is less than i owe. we have moved out of our house because the payments kept getting higher and higher until we started having serious problems making them. we were late every month and accumulating late fees. when i talked to the bank they said that i just couldn't hand them the keys or surrender it to them. now they are saying that they could report us to the irs and have problems with future returns. what should i do? we are three months behind in payments for a total of over 4,000.00 can they do this. We have since been able to find a house that is rent to own.
Hello.
Foreclosure will drop your credit to a great extent. You cannot get any loan in may be in coming 2 or 3 years. your credit score will be dropped 200 to 250 pionts. So try to avoid foreclosure as Niicss said.
Foreclosure will drop your credit to a great extent. You cannot get any loan in may be in coming 2 or 3 years. your credit score will be dropped 200 to 250 pionts. So try to avoid foreclosure as Niicss said.
If you owe less then your house is worth try selling it b4 foreclosure kicks in. Its better then getting stuck with foreclosure on your record. Short sale might also be an option.
