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Guest

We are not yet in foreclosure, but are soon facing it. We have had our house on the market over a year and are sinking fast. What happens to our credit when they finally foreclose? What are the lasting effects? and how long does it effect your credit? Any and all information regarding this will be helpful and appreciated.

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

Foreclosure will result in your credit score dropping by a lot and it will remain on your report for the next 7 years. You will have problems getting loans after foreclosure appears on your report.

You need to take steps so that foreclosure can be avoided. Can you give more details, then I would be able to tell whether any other options are still open for you to explore or not.

Miller

blue · Posted: Wed Aug 22, 2007 6:48 pm Post subject:

Before allowing the house to go into foreclosure, discuss some of the loss mitigation plans listed on this page and let us know what the lender is saying: http://www.mortgagefit.com/loss-mitigation.html

As Miller said try to avoid foreclosure if it can be possible.

Thanks
Blue

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

Hi Terrib,
The greatest of foreclosure is that you lose your home. It really has a lasting effect on your credit as it leaves a derogatory mark on your credit report for at least 7 years. And if you still owe the balance even after foreclosure, the lender may probably file a suit against you in the court.

So before going for foreclosure, you must talk with your lender so that he can suggest you with some loss mitigation plan.

Guest

"The greatest of foreclosure is that you lose your home."

can u pls explain this larry. think you've missed something.

Posted: Thu Aug 23, 2007 4:53 am Post subject:

Hi Deborah,

Yes I missed a word. Actually I meant to say the greatest 'problem' of foreclosure. Thank you for pointing the mistake.

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

Oops! It's me. I FORGOT TO LOG IN.

Guest

Can you do a deed in lieu when you have a second mortgage

jameshogg · Posted: Sun Jun 27, 2010 9:29 pm Post subject:

Hi Beth,

You can apply for a deed in lieu of foreclosure though you have a second mortgage. If the second mortgage was taken by you to purchase the property, then you won't be liable for any deficient amount resulting from the sale of the property. However, if you've taken a second mortgage later on, then you would be liable to pay it off after your home is sold off at the auction.

Thanks

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What are the effects of foreclosure on credit?