Posted on: 05th Sep, 2013 12:09 am
I defaulted on a mortgage and applied for short sale or DIL. We haven't received any response from the lender. What will happen if the property is foreclosed?
If the property is foreclosed, the lender will sell off the property and recover as much dues as possible. You will also be liable for paying off the deficient balance resulting from the sale of the property.
Hi Celiana,
A foreclosure will have a negative impact on your credit. It may lower your scores by 250 points and will remain mentioned in your credit report for 7 years.
Thanks
A foreclosure will have a negative impact on your credit. It may lower your scores by 250 points and will remain mentioned in your credit report for 7 years.
Thanks