foreclosure?

Question

benefites regarding foreclosure

Answer 1

You don't have to make that annoying mortgage anymore.
You can save some money while you aren't making the payment.
The absolutely horrible credit will ensure you can't borrow any money after foreclosure, making you live within your means.
You don't have to worry about maintenance of your new apartment rental, as the landlord takes care of that.
You get physical exercise from moving all of your personal belongings out of the foreclosed house.

Answer 2

Why don't you try giving the house back..it's called a "deed in lieu of foreclosure". Or sell it as a short sale..the bank MAY take less then you owe. FInd a local Realtor that is GOOD at short sales.

Answer 3

now is the time to figure out where you want to live and I mean anywhere. As long as you keep a job and have money coming in, minimize money going out. And if you think not eating out is hard, try eating of of a can in your car. Try the Realtors approach. But, prepare for the worst. And remember, it really can always get worse. But, there is also alot to be said for finical/material freedom. I have used the idea of "water flowing over the rock" and I will get what I need-not what I want.

Answer 4

Frankly, there are NO benefits, other than 'getting the monkey off your back'. Your credit takes a serious hit, you lose your house, you may be required to pay income tax on the shortfall, and you are back to renting.

If you consider those benefits, that's your call.

Answer 5

None. You lose the property, if it doesn't sell for what you owe you still owe the difference. Credit is ruined for years and years.

Answer 6

Benefits?
u get a bad debt.
u get higher car insurance,
u get bypassed for promotions,
u get higher credit slave card rates,
u get higher taxes,
u get lower quality rental,
etc.....