How bad does a forclosure look on your credit report?
Is there any othe way out?
My home has depreciated in value in the last couple of years but my taxes have gone up. I am having problems selling my home and I am actually wasting and losing time and money by staying here. What are my options?
2007-06-08 15:37:22 · 3 answers · asked by 000000 2 in Business & Finance ➔ Renting & Real Estate
Okay, values will go back up, If you live in a sub-division they usually go up 20% when it fills up. If you forclose it will haunt you for years, and you will likely pay more in future interest charges then you will lose buy staying put and doing the right thing. Not to mention the furure headaches of even being able to buy another house.
2007-06-08 15:42:25 · answer #1 · answered by misty m 4 · 0⤊ 0⤋
Talk to an attorney who knows how to do a "short sale".
What that means is that you sell the house for less than you owe on it, and they clear the debt for whatever they get.
Lenders prefer this to foreclosure, as you'll get a better price by marketing the house than it will bring at auction. They do have limits of how much they'll write off, which varies by Lender, and sometimes they expect Realtors to kick some in by reducing the commission, but it IS doable.
2007-06-08 22:43:49 · answer #2 · answered by open4one 7 · 0⤊ 0⤋
Depends on what state you're in and who your lender is.
Some lenders have programs to let you keep your house and renegotiate the terms of your mortgage.
Here are your options:
1. Refinance hoping to get a better mortgage rate of interest on easier terms and wait till the market improves.
2. Foreclosure looks bad on your credit rating for the next 7 years.
3. Offer to deed the property to the lender in lieu of foreclosure and move out.
4. Let them foreclose and get kicked out.
5. Sell it for what you owe.
6. Change your name and leave town. No just kidding. Thats not a good idea.
2007-06-08 22:46:21 · answer #3 · answered by krollohare2 7 · 0⤊ 0⤋