Posted on: 06th Nov, 2010 09:51 pm
my husband and i both have credit scores in the 700's. we have already been approved for a second mortgage. we have no outstanding debt - credit cards, etc. our current house is in a bad location/neighborhood. it's so bad, that va has banned this area for new loans. it is a doublewide that we purchased 11 yrs ago. what happens if we find a new house, then leave this one behind? we've already been informed that it will be nearly impossible to sell this house for what we owe and we can't afford to take the loss and pay the balance of what will be left. we fear we are facing a foreclosure on this doublewide home. what happens to our credit?
If both your names are on the loan, then your credit scores will likely suffer the "point-hit" associated with foreclosure.