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Posted: Sun Sep 30, 2007 6:41 pm Post subject: forclosure

im having problems making my mortgage payments and i was woundering what can a forclosure do to my credit or anything else

liaoyu03 · Joined: 09 Sep 2007 Posts: 166 4.48 Dollars($)

do you mean 'foreclosure'? It is a legal process that a mortgage lender can takes away a borrower's property legally. When the borrower can not pay the payment monthly or be bankruptcy ,the lender will sell the property as a public auction. The borrower lose the ownship of the property completely.

Guest

Hi,

Foreclosure has negative effects on your credit. It will stay on your report for as long as 7 years. Other loan applications might be turned down due to this. You are not only losing your home but also the equity earned in your home. So it is always preferable to avoid it if you can. Have you considered the ways to stop foreclosure?

evolovik26 · Posted: Mon Oct 01, 2007 6:14 am Post subject:

Basically you get a year of free rent while the process taking place but after that say goodbye to your home and your credit will be destroyed for 7 years.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Guest,

I think instead of going for foreclosure, you should go for deed in lieu. If you wait for foreclosure, it will have bad effects on your credit score and it may drop your credit score 150 to 200 points and will be shown in your credit report for 7 to 10 years. So, I think, deed in lieu is better option for you.

willisaddo · Posted: Tue Oct 16, 2007 9:59 pm Post subject:

Or you can simply get your home approved for a short sale by your lender. This would allow you to attract more buyers to your home. My underwriters looks at a deed in lieu as a foreclosure on your credit report. Waiting until the last hour to address this issue can be costly.

Avoid it like a plague! You do have options.

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