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What are the financial ramification of allowing a bank to forclose on a house?

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valden0699 Joined: 09 Oct 2008 Posts: 1 1.35 Dollars($)	Posted: Thu Oct 09, 2008 8:04 am    Post subject: What are the financial ramification of allowing a bank to fo Like 0 Dislike 0 We live in arizona. About a year ago, we put our house up for sale and bought another. The individual we "sold" the house to was unable to get financing because he had just moved to the area. We agreed to "lease" the house to him for one year. The year is up in a few weeks and he just confirmed he will be unable to purchase the house as agreed. He has bounced several checks and has been late most months. Obviously, we moved into another house. We really cannot afford two mortgages. If we allow the other house to forclose what do we stand to loose? Can the bank take out other property, cars, savings, etc.
smithsussane Joined: 18 Sep 2008 Posts: 10038 Location: Alaska 920.62 Dollars($)	Posted: Thu Oct 09, 2008 9:15 pm    Post subject: Like 0 Dislike 0 Hi Valden! I do not think that your other properties will be affected. However, your credit scores will be ruined due to this. You can try for a short sale or a deed in lieu foreclosure. Feel free to ask if you have further queries. Sussane

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