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Full foreclosure impact

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chubbywillow Joined: 13 Aug 2008 Posts: 1 1.34 Dollars($)	Posted: Wed Aug 13, 2008 9:20 pm    Post subject: Full foreclosure impact I just recently moved into a new home and have 3 rental properties; one of my renters took off and the house has now been empty for too long and i can't afford to continue to pay the mortgage payment. With the market the way it is, my short sale options are even minimal. If it does get to the foreclosure stage, what are the negative impacts that I will experience? I understand my credit will be affected, but for how long and will there be any further action the lender could take that could affect any of my other properties including my new home? Thank you for any information you can provide.
adonis Joined: 22 Oct 2005 Posts: 1446 Location: ALASKA 137.08 Dollars($)	Posted: Wed Aug 13, 2008 9:58 pm    Post subject: Welcome chubbywillow, Did you talk to the lender about workout options? Did he suggest that you go for a short sale? haven't you negotiated for an alternative plan so that you can continue paying the mortgage? _________________ Procrastination is the enemy of your financial sucess

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