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mhas9cats · Joined: 24 Jan 2010 Posts: 1 1.31 Dollars($)

I have a house in Georgia, it currently has a renter, but due to economy, the amount paid is $300 less than the mortgage payment. I was out of work for over a year, and am struggling to make payment. I recently got a job that requires secret clearance and I don't want to jeapordize that. Tried to put house up for sale, but it needs $5,000 in repairs before I can sell. I don't have $5,000. What are ramifications of letting house go into foreclosure?

smithsussane · Posted: Mon Jan 25, 2010 12:38 am Post subject:

Hi mhas9cats!

Welcome to forums!

If you let the property go into foreclosure, it will affect your credit score badly. It will lower your credit score by 250 points. Moreover, you would be responsible for paying the deficient balance resulting from the property sale.

I would suggest you to contact your lender and speak to him about a deed in lieu of foreclosure. Though the credit affects would be same, you won't be liable for the deficient balance resulting from the sale of the property.

Feel free to ask if you've further queries.

Sussane

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Ramifications of foreclosure