 raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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 Posted: Sun Nov 08, 2009 11:32 am Post subject: |
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I'm assuming you're talking about a chapter 7.
The Lender will foreclose on the property and file a lawsuit against you that'll result in a Judgement. If you have another property, the Judgement will placed as a lien against that property.
The foreclosure stays on your credit reports for 10 years and really hurts your FICO scores. After 36 months of on-time payments and re-established credit, you'll qualify for FHA, USDA and VA financing again.
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Raymond
www.ReverseMortgageCalculator.org |
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