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Foreclosure, bankruptcy, etc.

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Joe-n-Joey Guest	Posted: Sun Mar 15, 2009 8:41 am    Post subject: Foreclosure, bankruptcy, etc. Like 0 Dislike 0 We have several properties in Florida that we purchased as investments during the last big downturn in 1991 - we refinanced and pulled out some equity about 7 years ago. Now as a result of falling rents, vacancies, etc. our savings are wiped out. Values seem to have fallen to near 1991 levels so we are looking at short sales, Deed in Lieu or Bankruptcy. We have no plans to purchase any other property, expecially if we can hold/sell the ones that we did not refinance and that have good cash flow and/or equity. We're trying to figure out which way to go with the properties we are going to lose. I'm not so worried about our credit keeping us from buying another house; I'm more worried about things on my credit that will cause credit card companies to raise my rates even though I am paying them on time. Is there a rule of thumb to guide me? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Felicia Hargraves Guest	Posted: Sun Mar 15, 2009 11:29 am    Post subject: Mortgage Loans after Foreclosure Like 0 Dislike 0 Is it possible to get a mortgage loan after a 3 yr foreclosure?
jameshogg Joined: 20 Dec 2005 Posts: 10467 Location: Nevada 988.72 Dollars($)	Posted: Sun Mar 15, 2009 7:30 pm    Post subject: Like 0 Dislike 0 Hi, To Joe-n-Joey, You can opt for a deed in lieu foreclosure as you are not worried about your credit score. However, in order to qualify for a deed in lieu foreclosure, you will have to be delinquent on your mortgage payments. Moreover the lender will also judge your financial situation before approving it. If your deed in lieu of foreclosure request is accepted, the lender will sell off the property in the market to recover the debts. The deficient amount resulting from the sale of the property will be forgiven. Depending on the state laws, the taxes on the deficient amount can also be forgiven. As far as I know, there are chances that the credit card companies may raise their rates if your property goes into foreclosure. To Felicia, It will depend upon the lenders whether they would give you a loan 3 years after the foreclosure. However, you should note that you may have to pay higher interest rates if you get a loan at this stage. Thanks

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