I have one for sale, and I cant afford to pay rent on an empty house or its property taxes....
What will happen if it forecloses???
2006-11-16 01:27:58 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Also the second house I am living is actually in my wifes name and not mine, loan and deed.
2006-11-16 01:28:45 · update #1
contact a foreclosure agent y noy try and rent it out? there are options out there find out about some grants or free money to help u out
2006-11-16 01:31:47 · answer #1 · answered by baltimore_queene 3 · 0⤊ 0⤋
Well if it at all possible see if you can take the other property off the market, and get a pay option arm on it. That will allow you to drop the payment possibly as low as 1%. After geeting the loan you can then put the house back on the market but atleast untill the house sell you will have an extremely low mortgage payment. A forclosure will surely kill your credit and prevent you from being able to borrow money at any decent term for years. Feel free to log onto http://www.justgetaloan.net for a fast free loan pre-qualification. For further assistance feel free to contact me Jenold Freeman at 866 530 7300 ext 7305 or by email at jfreeman@justgetaloan.net
2006-11-16 13:27:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
They will foreclose on you and possible come after you with a deficiency judgement.
Sell your house before they foreclose on it, even if you have to short sale it.
Regards
2006-11-17 06:01:00 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It will affect your credit. Why don't you sell it on a lease option? You can rent out bedrooms. There are lots of people out there who cannot afford an apartment, but need a place to live. Are you in California?
2006-11-16 09:49:54 · answer #4 · answered by Mandi 2 · 0⤊ 0⤋
if her house forecloses it will be on her credit record for a long time if hse goes to apply for a car loan or something it will most likely be denied
2006-11-16 09:31:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
SELL!! Even if you must come down in price,getting those constantly recurring bills of your back will make up for a small loss many times over! :-)=
2006-11-16 09:37:30 · answer #6 · answered by Jcontrols 6 · 0⤊ 0⤋