Posted on: 22nd Apr, 2010 08:57 pm
What happen to me after my condo is forclosed
Hi magsdelcastillo,
After your property is auctioned at a foreclosure sale, you would be responsible for the balance amount resulting from the sale of the property. You will have to pay off the deficient balance to the lender. A foreclosure will have negative affects on your credit report. It will reduce your credit score by 250 points. Also as a negative item, it will remain on your credit report for 7 years and you won't be able to get a mortgage for the next 3-4 years.
Take care.
After your property is auctioned at a foreclosure sale, you would be responsible for the balance amount resulting from the sale of the property. You will have to pay off the deficient balance to the lender. A foreclosure will have negative affects on your credit report. It will reduce your credit score by 250 points. Also as a negative item, it will remain on your credit report for 7 years and you won't be able to get a mortgage for the next 3-4 years.
Take care.