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credit damage after foreclosure

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dkallaur Guest	Posted: Wed Mar 23, 2011 3:04 am    Post subject: credit damage after foreclosure Like 0 Dislike 0 I filed for bankruptcy and my mortgage was discharged. We moved in with family. I (reaffirmed) the debt on the house because we decided that renting it was the only way to make the payments, and we ultimately were trying to hold on to it. It has since become even more of a financial burden. If I return it to the bank (foreclose) can there be any further damage to my credit, (other than the discharge that is already on my report)? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Mar 23, 2011 7:48 pm    Post subject: Like 0 Dislike 0 Hi dkallaur! Welcome to forums! As you had reaffirmed the mortgage, you have become personally liable for paying the mortgage. If you surrender the property to the lender, the lender will foreclose it which will negatively affect your credit score and you'll be liable for paying off the deficient balance resulting from the property sale. Feel free to ask if you've further queries. Sussane

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