Posted: Sun Aug 09, 2009 9:49 pm Post subject: We need to walk away, what now?
It will be 5 years in October that we filed bankruptcy. Our house was included, but was not supposed to have been. We didn't know we should have reaffirmed,a dn they never asked us too. We never missed a payment before or since BR. Now we are finanacially really strapped. because of injury to my husband.. What happens now if we walk away, anything that can be done to avoid a foreclosure now on our reports? I know they can't go after us for the money since it was included in the bankruptcy, but what about our credit now if we leave.. Help please.. BTW we are in Michigan if that matters.
If you walk away from the property, then the lender would foreclose it which would leave a negative mark on your credit report. It will lower your credit score by 200-250 points. However, it is correct that you won't be liable for the deficient amount. If you are not concerned about your credit score, then you can let the lender foreclose the property. _________________ Procrastination is the enemy of your financial sucess
Tina Guest
Posted: Sun Oct 25, 2009 5:25 pm Post subject: Simple Assumption
would like to take over houes payment, from people who our loseing there home.
Lenders generally do not agree to assumption of loan. However, you should always try and negotiate with the lender for assumption. In case, if the lender does not agree to it, then you should apply for a refinance. _________________ Procrastination is the enemy of your financial sucess
LuvsTalMen
