2007-07-02 03:10:48 · 5 answers · asked by alen m 1 in Business & Finance ➔ Credit
It will go to hell, what did you think was going to happen to it??
2007-07-02 09:03:09 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Foreclosures are very bad for your credit, actually worse then a bankruptcy.
You can expect your score to drop at least 100-points and it will show on your credit for 7-years making it very hard to get a loan for another home without massive down payments, fees and State maximum interest rates.
If you have no other choice, hopefully you have equity in your home, otherwise your lender will come after you for any remaining balance due plus all court, foreclosure and lawyers fees.
2007-07-02 03:23:26 · answer #2 · answered by ? 7 · 0⤊ 0⤋
It goes to crap. You have 2 options, consider credit repair if it goes to foreclosure or you could check with a settlement company regarding a shortpay on your mortgage; i.e. getting the mortgage holder to take less than the full balance and call it even. Check out the free evaluation form at the source website if you want more info. Good luck.
2007-07-02 09:31:02 · answer #3 · answered by stephen l 2 · 0⤊ 0⤋
I assume you're talking house, condo, etc. You should check into a "deed in lieu of foreclosure". You're voluntarily giving the house back, and usually the lender doesn't hold you further responsible, financially, unless you really devalued the property. Your credit rating still takes a serious hit, but my understanding is that it isn't as bad as foreclosure.
2007-07-02 03:22:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋
A foreclosure will basically destroy your credit. It's worse than any collection or reposession you can think of.
Explore all your options before you go that route. It will literally be YEARS before a lender will consider you for a new mortgage with a foreclosure on your credit report.
2007-07-02 05:59:46 · answer #5 · answered by YSIC 7 · 0⤊ 0⤋