Posted on: 12th Aug, 2009 09:27 pm
If I want to foreclosue on the property I rent
Hi miller,
A lender would foreclose the property only if the borrower is not paying the mortgage dues. You can walkaway from the property or default your mortgage payments and let the lender foreclose it. However, you should note that a foreclosure will have a negative impact on your credit rating. It will lower your credit score by 250 points and will also remain on your credit report for the next 7 years. Moreover, you won't be able to qualify for a loan in the next 3-4 years.
Take care.
A lender would foreclose the property only if the borrower is not paying the mortgage dues. You can walkaway from the property or default your mortgage payments and let the lender foreclose it. However, you should note that a foreclosure will have a negative impact on your credit rating. It will lower your credit score by 250 points and will also remain on your credit report for the next 7 years. Moreover, you won't be able to qualify for a loan in the next 3-4 years.
Take care.