Posted on: 14th Mar, 2013 11:09 pm
We have lived in our present house for 16 Years, Never missed the mortgage payment, always had insurance. This month, our insurance dropped us because we had too many claims on our roof. None of the claims were approved. And the bank might come after us, but we want to move. We don’t think we will be able to sell the house for what is left on the payments. Would we be able to get another home loan if we let the bank have this house?
Welcome Guest,
If you surrender the property to the lender/bank, he will foreclose it. This will have a negative impact on your credit and you may not be able to qualify for a loan to buy a new home sooner.
If you surrender the property to the lender/bank, he will foreclose it. This will have a negative impact on your credit and you may not be able to qualify for a loan to buy a new home sooner.
No, it's not a good idea to surrender your property to the bank. This is because it can have a negative impact on your credit score.
Since you are ready to make the move, then in that case you can either opt for a short-sale or deed-in-lieu foreclosure in order to relinquish the property and the financial obligation.
However, in both the cases your credit score will definitely tank.
However, in both the cases your credit score will definitely tank.
Sounds like you'd be okay if you'd be able to get a new insurance company.
