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I am about to lose my hause. What are going to be the consecuences of leting it go?

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karla_korina Joined: 29 Apr 2009 Posts: 1 1.29 Dollars($)	Posted: Wed Apr 29, 2009 7:35 pm    Post subject: I am about to lose my hause. What are going to be the consec Like 0 Dislike 0 How many years have to pass so I can apply to buy another house? Is it true that I have to pay propety taxes even after I lose my house?
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Wed Apr 29, 2009 10:15 pm    Post subject: Like 0 Dislike 0 Hi karla, If you let the property go, the lender will foreclose on the property and sell it to satisfy the due loan amount. If the house is worth less than what is owed, the lender may come after you for the deficiency amount. You will have to wait for at least 2 years after a foreclosure before you can qualify for an FHA loan. For other types of loan it could well be 3-4 years. You might get a loan even before that but you will have to pay very high rate of interest. As far as the property taxes are concerned, once the house is sold off at an auction and the ownership is changed, you need not pay the property taxes.
smckaybiz Community Expert Joined: 24 Apr 2008 Posts: 195 Location: PA 10.64 Dollars($)	Posted: Thu Apr 30, 2009 3:13 am    Post subject: Like 0 Dislike 0 Hello Karla, Do you know how much you owe as opposed to how much your home is worth? Most people don't realize what jenkin explained above and with most banks hurting it is becoming much more common for the banks to come after you for the remaining balance left over after the sale of the house. It's just like a car repo. Just keep this in mind when you are considering letting your house go. Have you exhausted every option as far as looking for assistance to possibly modify your mortgage or refinance it? _________________ Scott McKay FreeOnlineCreditGuide.com
savior70 Joined: 25 Mar 2009 Posts: 1895 Location: Florida 261.84 Dollars($)	Posted: Fri May 01, 2009 6:56 am    Post subject: Like 0 Dislike 0 Hi There are various negative consequences of a foreclosure, as has been explained by Jenkin. Scott is right in saying you ought to look for other options like a modification. Have you tried a modification or a refinance to avoid the foreclosure?

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