Moving to another country this year & may have to go on foreclosure. What are the consequences besides credit?
Jul 30, 2009 in
Financial and Loan Tips
jes133
My property has been on the market 18 months and never got an offer. I lowered the price to market value but still owe $8000 more in mortgages. Can’t refinance and rent because property value is lower than mortgage balance. Hoping to move in the summer…. is foreclosure my only option?
My property has been on the market 18 months and never got an offer. I lowered the price to market value but still owe $8000 more in mortgages. Can’t refinance and rent because property value is lower than mortgage balance. Hoping to move in the summer…. is foreclosure my only option?
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2 comments
Luke 6:37 on July 30, 2009 at 12:25 pm
See if they will allow a short sale and forgive the rest of the loan. Looks like they will have a loss anyways and the short would cost them less money than foreclosing on the property.
godged on July 30, 2009 at 10:59 pm
I agree, see if your lender will let you do a short sale.
The foreclosure will stay on your credit report 7 – 10 years, you will pay more for credit and insurance. Avoid foreclosure if you can.