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My corporation owns property that the bank will probably foreclose on. Will it affect my personal credit?

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jomontal Joined: 13 Feb 2010 Posts: 1 1.00 Dollars($)	Posted: Sat Feb 13, 2010 10:09 pm    Post subject: My corporation owns property that the bank will probably for Like 0 Dislike 0 I am a Contractor and I have a house that I renovated after Katrina. I also have a spec house that I did not complete ( to keep the interest payments low). I also have two lots. The three loans I can no longer pay the interest on them, in fact I'm 6 months behind. The bank is talking foreclosure. I don't know if I should file for bankrupty (company) . My company is incorporated. How do I handle this? What are my options?
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Sun Feb 14, 2010 9:54 pm    Post subject: Like 0 Dislike 0 Hi jomontal, If your property is foreclosed by the lender, then it will definitely affect your credit score. Your score would get lowered by 250 points. You can apply for a deed in lieu of foreclosure with your lender and check out if he agrees to it. If your request is accepted, then you would be able to get rid of the properties and you won't be liable for the deficient amount resulting from the sale. Thanks

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