Posted on: 02nd Mar, 2011 12:04 pm
Hello All, I have a house in South New Jersey. I just got a job and I am moving close to my job and got an apartment. I can't afford to pay for both. I can't even sell my house, even though I do that, the price will be at least 50k lower than my mortgage amount.
Now my question is, will I lose all my credit? All my credit card will be gone?
Will the court make me pay from my work income to the lending company?
Another question is, do I still keep paying the property tax and insurance even though I stop paying the mortgage.
Thank u all in advance.
Now my question is, will I lose all my credit? All my credit card will be gone?
Will the court make me pay from my work income to the lending company?
Another question is, do I still keep paying the property tax and insurance even though I stop paying the mortgage.
Thank u all in advance.
Welcome imakemap,
After a foreclosure, your score will be reduced by around 250 points. You won't lose your credit cards if your property goes into foreclosure. You'll be liable for paying the deficient balance to the lender. Unless your property is sold off, you may be liable for paying off the property taxes and the insurance.
After a foreclosure, your score will be reduced by around 250 points. You won't lose your credit cards if your property goes into foreclosure. You'll be liable for paying the deficient balance to the lender. Unless your property is sold off, you may be liable for paying off the property taxes and the insurance.
You should go the IRS website and see if this may apply to you.