Posted on: 01st Dec, 2011 05:05 am
I was in the middle of selling my condo short in North Carolina when the prospective buyer's financing fell through since the ratio to owners/investors in the complex was too high.
I stopped paying the mortgage in February since I moved out of state and couldn't afford to keep paying it.
2 Questions:
1. What are the chances of me qualifying for a mortgage?
2. What are the consequences of a foreclosure?
Thanks.
doug
I stopped paying the mortgage in February since I moved out of state and couldn't afford to keep paying it.
2 Questions:
1. What are the chances of me qualifying for a mortgage?
2. What are the consequences of a foreclosure?
Thanks.
doug
1. You will not be able to get a mortgage for several years after the foreclsoure is completed. Unless, perhaps, you could find a seller who is willing to sell and hold the mortgage themselves.
2. If you are not paying the mortgage, the chance of foreclosure would seem to be 100%. I suppose you could contact the lkender and ask if you can hand them the keys---deed-in-lieu of foreclosure. That would cause the problem to end sooner instead of dragging on for months or years.
2. If you are not paying the mortgage, the chance of foreclosure would seem to be 100%. I suppose you could contact the lkender and ask if you can hand them the keys---deed-in-lieu of foreclosure. That would cause the problem to end sooner instead of dragging on for months or years.
Hello drdxter33,
a. A mortgage is a conveyance of title to real property that is given as security for the payment of a debt. If the mortgage isn't paid the lender can take possession of the property by foreclosure. There are numerous types of mortgages and different practices under different jurisdictions.
b. During the foreclosure process, there will be not adverse effects to homeowners' credit cards as long as they are keeping on time with the payments on these credit lines. If they fall behind, of course, they may face severely negative consequences from creditors and will have even more damage to their credit scores. But simply being in foreclosure itself will not cause homeowners to lose their credit cards or have interest rates increase or extra charges added.
:idea:
a. A mortgage is a conveyance of title to real property that is given as security for the payment of a debt. If the mortgage isn't paid the lender can take possession of the property by foreclosure. There are numerous types of mortgages and different practices under different jurisdictions.
b. During the foreclosure process, there will be not adverse effects to homeowners' credit cards as long as they are keeping on time with the payments on these credit lines. If they fall behind, of course, they may face severely negative consequences from creditors and will have even more damage to their credit scores. But simply being in foreclosure itself will not cause homeowners to lose their credit cards or have interest rates increase or extra charges added.
:idea:
>>What are the chances of me qualifying for a mortgage?
Poor
>>What are the consequences of a foreclosure?
High
Poor
>>What are the consequences of a foreclosure?
High
