Posted on: 07th Aug, 2009 09:24 am
I have a question. I have a home that the property value has declined on so now I am $100K unside down in it so would not be able to sell it for what is owed. I have excellent credit. What would it do to me if I found a new home at current market values, bought it, and then let this one just go back to the bank? I would already be in a new home, have steady job, and plan to retire in 10-15 years so by then the foreclosure would be off my credit history correct? Please point out the flaws to my thinking. Thanks
If you are able to qualify for the new home while still having your existing mortgage on the books, then it WOULD work. Keep in mind that after you complete this scheme, your credit will be wrecked.