Posted on: 19th Aug, 2013 01:37 am
Hello everyone... I am in a complete mess. I bought a property 2 years ago with a roommate and thought that we will be splitting everything. But the roommate left and I had to deal with everything. Now the property needs repairs and I do not have the money to pay off the loan as well as repair the property. I want to let the lender foreclose the property though it will affect my credit. I need to know what else I will be paying to foreclose the home?
Hi Guest,
Yes, it is true that your credit will be badly affected if you let the lender foreclose the property. After the foreclosure, you will be liable for paying any deficient balance resulting from the sale of the property.
Take care
Yes, it is true that your credit will be badly affected if you let the lender foreclose the property. After the foreclosure, you will be liable for paying any deficient balance resulting from the sale of the property.
Take care
Hi Guest!
Welcome to the forums!
A foreclosure will remain in your credit report for 7 years like any other negative item. Moreover, it will lower your scores by around 200-250 points. Also, you will not be able to get a mortgage for the next 3-4 years.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
A foreclosure will remain in your credit report for 7 years like any other negative item. Moreover, it will lower your scores by around 200-250 points. Also, you will not be able to get a mortgage for the next 3-4 years.
Feel free to ask if you've further queries.
Sussane
A foreclosure on your home will remain listed on your personal credit report for as long as seven years. The same is true of other big negative marks, such as bankruptcies. Foreclosure might also lower a credit score by as much 200-250 points. Also, you may not be able to get a mortgage for the next three to four years. After the foreclosure, you may be liable for paying any deficient balance resulting from the sale of the property. Foreclosure and debt go hand in hand, and it is important to know what impact it has.