i want out of my house. i hate the man i live with. he is abusive and just not a very nice person. he can't refinance the home because of his credit....i don't want the house. we cant sell it because i don't want to stay that long. is a foreclosure the best thing? can it really hurt my credit that bad? my life won't be over from that right? it cant be that bad?
2006-06-30 16:00:56 · 10 answers · asked by kaseymay_2000 2 in Business & Finance ➔ Credit
If you don't care about the money from the house...and you just want out....quick deed it over to him. that should take all the responsibility off of you, but you will also get NOTHING out of it. It's a heck of a lot better than a foreclosure....which is going to effect any type of housing you try to get for a very long time. Check with an attorney....but I think I am right....at least in CA.
Your life will not be over if you have a foreclosure and if it is really that bad.......go....NOW.
Best of luck to you.
2006-06-30 16:08:16 · answer #1 · answered by adnerb 4 · 1⤊ 0⤋
A foreclosure will get you out of the house but will NOT get you out of the debt. You will still be responsible for foreclosure fees, repossession fees, cleanup fees, collection fees and any court fees that go along with the foreclosure(depends on your company). Not to mention, the remaining balance on the house. So, if you owe $100,000(for easy numbers) and it only sells for $50,000 at auction, you will get the bill for the remaining $50,000 plus other fees.
A foreclosure will remain on your credit report for anywhere from 7-10 years making getting another loan for a mortgage difficult and if you can get one, it will be a sub-prime loan(meaning alot higher interest rate.. right now, around 10.5% as opposed to 5%!)
And if you can't pay the balance of the foreclosure fees, that will go on your credit report as a separate problem.
My advice, try and get the house listed for sale. Maybe it would sell before a foreclosure could take place. Foreclosures can take up to 3 months.
You could also have him quit deed it to you or you to him. If the loan is in both names, that would get one of you off of it and leave it only to the other person.
Good Luck!
2006-06-30 16:12:57 · answer #2 · answered by Jen 6 · 0⤊ 1⤋
You might look into a "deed in lieu of foreclosure" option, meaning that you deed the property to the mortgage company instead of letting them foreclose on it. Either way the bank gets the property, but doing the "deed in lieu" might be better for you. An attorney would probably be wise in this situation to help you protect your interests.
2006-06-30 16:07:55 · answer #3 · answered by Mrs. Strain 5 · 0⤊ 0⤋
A foreclosure is just as bad as a bankruptcy on your credit report....you will be worse off than if you were fresh at 18.
It will also stay on there for at least 7 years....making it past impossible to sign a basic lease at normal apt. complexes, to sign for another home, etc.
Rule #1 in life.....keep your credit perfect or you will pay heavy....very heavy.
2006-06-30 16:04:54 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Call the cops. Report the abuse. Divorce him and take 50% plus of the marital assets. Get a restraining order against him. Sell the house.
2006-06-30 16:52:46 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Well it is pretty bad for your credit and you would lose all the money you have invested in the house.
But you could certainly recover from it, your life would not be over at all.
If the man you live with is abusive and cruel to you then I'd say its worth it to walk away
2006-06-30 16:04:38 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I would rather be alive then worry about credit. Yes, File BK instead. Consult a local realtor just to get advice
2006-06-30 20:19:49 · answer #7 · answered by ? 4 · 0⤊ 0⤋
get a restraining order,then put it up for sale.Don't laugh Call the people that carry it and tell them what you just told us,,YOU'D be suprised they might be your salvation.
My sister was in a way like you and the people who held her note put her in adifferent house with similar note and let the other house refinance. DON'T FORECLOSE!!!!!!!!!
2006-06-30 16:08:02 · answer #8 · answered by jgmafb 5 · 0⤊ 0⤋
Foreclousre is not good .What state are you in? Email me and I can help you out of your situation.You do have options available.My web site is www.foreclosureavoidance.ws
Do not do deed in lieu of foreclosure.The Bank will go after you for the remaining amount.That is not good..Seek advice..
Maria
2006-06-30 16:07:42 · answer #9 · answered by innovativeinvest@sbcglobal.net 2 · 0⤊ 1⤋
you are basically
bankruptcy
2006-06-30 16:04:49 · answer #10 · answered by G. M. 6 · 0⤊ 0⤋