I transferred out of state 1 1/2 years ago with my job. I had no time to sell it and now it is scheduled for foreclosure. One option the mortgage company gave me was to list it with a realtor or give it back to them. If I give the house back to the lenders, how does that show up on my credit? How does it affect my score? And how hard will it be for me to purchase a home in my new state?
They won't let me make payment arrangements since I'm not occupying the house and I can't afford to pay in full $15,000 they're asking.
2006-11-27 03:43:27 · 6 answers · asked by Getsbetterwithtime 3 in Business & Finance ➔ Credit
This will show up as a Foreclosure and ruin your credit.
It will be very hard for you to purchase a new home in your new state, not impossible but very very hard. You'll be looking at an interest rate of 9.5% on up.
Most lenders won't finance with a Foreclosure on your credit report. I would suggest a REFI w/ Foreclosure Buyout.
2006-11-27 03:58:26 · answer #1 · answered by Jen G 3 · 0⤊ 0⤋
I am sorry to hear about your current situation but you do have a couple of options. If you have enough equity in the house you can refinance your mortgage with another lender or you can conduct a short sale of your property before it goes to auction. If you "give the house back to the lender" it will still be viewed as a foreclosure on your credit report. You DO have other options and this WILL affect your ability to secure financing on a new property. Your lender will review your credit and see that there is a new foreclosure on your credit report.
If you have any other questions please feel free to contact me.
2006-11-27 03:58:24 · answer #2 · answered by Michel D 2 · 0⤊ 0⤋
This is a foreclosure. Any mortgage that is unpaid results in a foreclosure.
Here is some additional info. Hope this helps.
2006-11-27 03:44:59 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It affects your credit VERY negatively.
I suggest you list with a Realtor. You may even get more out of it than you owe. I'm not sure why you didn't do that to begin with...
2006-11-27 03:52:22 · answer #4 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋
You may try to refinace w/another company as if it was rental property. Foreclosure is never good on you credit report.
2006-11-27 03:49:03 · answer #5 · answered by michelobjohn 2 · 0⤊ 0⤋
Really hurts your credit.
Coach
2006-11-27 03:50:26 · answer #6 · answered by Thanks for the Yahoo Jacket 7 · 0⤊ 0⤋