2007-07-17 09:46:17 · 5 answers · asked by gomezio210 2 in Business & Finance ➔ Credit
Yes it will unfortunately ruin your credit for 7 years, unless you file bankruptcy then it will be ten years. If you do not file then they will still go after you for the difference of what they sell it for and what you owe on it
2007-07-17 10:15:19 · answer #1 · answered by Pengy 7 · 0⤊ 0⤋
YES This is what is called a forclosure and will affect you dramatically one thing to consder is this you will not be able to purchase a home for a minimum of 2 years but theres good news talk with a realtor in your area and see if they can put your home on the market talk to the company that you are making payments to and they might be able to work out something if you do not have a lot of equity where they will pay your closing cost and get you out not owing anything also another way to handle this is to call me my # is in my profile you might possibly be able to refinance still
2007-07-21 16:48:03 · answer #2 · answered by Kristyw/h American Home Mortgage 1 · 0⤊ 0⤋
A foreclosure is one of the worst things that can show up on your credit.
If you can't get them to agree to a short sale, find some way to make the payments or your credit is going to be ruined for years.
2007-07-17 18:04:08 · answer #3 · answered by ? 7 · 0⤊ 0⤋
yes if will affect your credit.
ask them about a short sale, that may be an option
http://www.businessweek.com/the_thread/hotproperty/archives/2007/03/the_new_exit_st.html
2007-07-17 16:52:46 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Are you serious? Of course they will! Try thinking for a minute or 2.
Just when you think you've heard it all...
2007-07-17 16:53:05 · answer #5 · answered by Anonymous · 0⤊ 1⤋