I had to move due to work, and my house has been on the market for over a yr now, plus I'm paying rent elsewhere.... thus leading to contemplating foreclosure due to exhausted finances.
2007-09-06 17:02:12 · 4 answers · asked by James R 1 in Business & Finance ➔ Credit
Do all you can to avoid foreclosure. With one on your record it will be difficult to purchase another home. You will be able to sometime years from now, but the interest rate will be higher than most others would pay. Talk to the holder of your mortgage and see what you can work out, they don't want to foreclose any more than you want to have it foreclosed on. You may be able to pay interest only until you sell.
Good luck.
2007-09-06 17:12:40 · answer #1 · answered by Nancy W 3 · 0⤊ 0⤋
Hmm..seems that the company who moved you should have some sort of assistance for this type of thing as part of the deal. I'd talk to your supervisor or the HR department before foreclosing. Then talk to your lender and explain the circumstances - see if they can offer any suggestions. Foreclosure is never a good thing to have on your credit - depending on your salary, previous and future credit score/history, and other existing debts, you may be eligible to purchase a home within a few years or not for several.
2007-09-07 00:11:16 · answer #2 · answered by Magaroni 5 · 0⤊ 0⤋
Why not rent out the house. It will be 7 years before you can buy a another house.
2007-09-07 00:12:01 · answer #3 · answered by Goodhead 3 · 0⤊ 0⤋
Pay off your debts and pay all your bills in advance then buy a new house that is in foreclosure for cash.
2007-09-10 23:37:45 · answer #4 · answered by Anonymous · 0⤊ 0⤋