I was thinking about running away & leaving my house which I still have a mortgage on. I have deep issues that I won't go into. I am just curious....if I let my house get "re-po'd" will I ever be able to buy a house again? How bad will that make my credit? Anyone have any experience on this?
2006-12-05 14:52:02 · 7 answers · asked by IMHO 6 in Business & Finance ➔ Credit
They will catch you. And your credit will be destroyed for a very long time. Years and years.
2006-12-05 14:53:37 · answer #1 · answered by Proud Right Winger 1 · 0⤊ 0⤋
I would not advise doing a repossess on your house really, no matter how bad the situation is. It will look very bad on your credit. If things are so bad, ask someone in your family for help. Running away fron your problems doesn't solve them, it only makes them worse. In your case of thinking of repossession, it would definitely make things a ton worse than better. I don't know if you will be able to buy a house ever again, but I still would not advise just leaving. I hope things get better for you! Good Luck!
2006-12-06 02:14:09 · answer #2 · answered by Renee W 2 · 0⤊ 0⤋
It will of course hurt your credit pretty bad. If you have never taken a loan out on the house you can do a quit claim deed and that is a little better than a foreclosure but not much. You would have to wait until this came off your credit report before you try to buy another house.
2006-12-08 02:20:52 · answer #3 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
If your house is foreclosed, you can qualify for a mortgage after two years. You have to demonstrate that you have paid ALL of your bills early or on-time for two years. Then you can get what is called 'manual underwriting'.
Most mortgage applications are processed by a computer which makes the decision. No human discretion is involved. Manual underwriting means that a person reviews your application and makes a decision. You have to ask for it, and only a few mortgage companies do it. You may not get the best rate, but you can get a mortgage.
2006-12-05 22:59:40 · answer #4 · answered by normobrian 6 · 0⤊ 1⤋
Ever heard the sayen you can run but you can't hide. Well un they will find yeah. Why don't you get a lawer and file bank rupsey( I am sure that aint spelt right) Running aint gonna solve your problem sure it will for awhile but they will come back and haunt you.
2006-12-05 22:56:32 · answer #5 · answered by Babie 3 · 0⤊ 0⤋
Nope, and when you run out of money, you will be on the street.
Feel better now? Why not face what's bugging you, otherwise you will spend all of your time looking over your shoulder and who's that following you?
You got yourself into this, now calmly get yourself out of it.
GOD bless
2006-12-05 23:00:19 · answer #6 · answered by May I help You? 6 · 1⤊ 0⤋
ok....you can't just sell it??
2006-12-05 22:54:49 · answer #7 · answered by ♥Sweet Girl♥ 5 · 0⤊ 1⤋