Posted on: 22nd May, 2013 12:07 am
I live in such an area of NJ which is dying. The condo I purchased for $160k now has a value of $74k. My wife lost her job and is working part time. I want to get rid of the condo and start afresh. My wife is not on the mortgage. What will happen if I stop paying the mortgage now?
Hi Guest,
If you stop paying the mortgage now, the lender will start off with the foreclosure proceeding in the next few months. This will have a negative impact on your credit report and score.
Thanks,
Jerry
If you stop paying the mortgage now, the lender will start off with the foreclosure proceeding in the next few months. This will have a negative impact on your credit report and score.
Thanks,
Jerry
hi guest!
welcome to the forums!
you should get in touch with the lender and apply for a short sale or a deed in lieu of foreclosure in order to get rid of the property.
feel free to ask if you've further queries.
sussane
welcome to the forums!
you should get in touch with the lender and apply for a short sale or a deed in lieu of foreclosure in order to get rid of the property.
feel free to ask if you've further queries.
sussane