Posted on: 22nd Jan, 2009 11:35 am
Hi,
I moved out of state to take a job 5 years ago. I was able to rent my house however after 1.5 years they moved out. I was unable to continue making 2 housing payments and sadly lost my house. With the economy crumbling and the housing marking tanking I owed more than 3 times what the houses in that area are appraising. This started in the end of 2006 and although my credit report states that the forclosure process has been "initiated" and will be removed in May 2013, I haven't heard any other news from the bank and am too scared to follow up. My husband and I barely make it now but I am nervous of what could come 2 or 3 years down the road if that house does eventually sell. How long after the forclsure process begins to the house selling (if it does) could I be sued? Will I ever be able to buy another house?
I moved out of state to take a job 5 years ago. I was able to rent my house however after 1.5 years they moved out. I was unable to continue making 2 housing payments and sadly lost my house. With the economy crumbling and the housing marking tanking I owed more than 3 times what the houses in that area are appraising. This started in the end of 2006 and although my credit report states that the forclosure process has been "initiated" and will be removed in May 2013, I haven't heard any other news from the bank and am too scared to follow up. My husband and I barely make it now but I am nervous of what could come 2 or 3 years down the road if that house does eventually sell. How long after the forclsure process begins to the house selling (if it does) could I be sued? Will I ever be able to buy another house?
Hi ATL!
Welcome to forums!
It is quite surprising to me that the lender has started the foreclosure process at the end of 2006 and has not informed the proceedings of the case to you till date. In my opinion, you should contact the lender and check out the details. As a borrower you have the right to clarify things from the lender.
If the property goes into foreclosure, it will reduce your credit score by 250 points. Moreover a foreclosure will remain in your credit report for 7 years. After 7 years you will be able to get normal rates and terms while purchasing a property.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
It is quite surprising to me that the lender has started the foreclosure process at the end of 2006 and has not informed the proceedings of the case to you till date. In my opinion, you should contact the lender and check out the details. As a borrower you have the right to clarify things from the lender.
If the property goes into foreclosure, it will reduce your credit score by 250 points. Moreover a foreclosure will remain in your credit report for 7 years. After 7 years you will be able to get normal rates and terms while purchasing a property.
Feel free to ask if you have further queries.
Sussane