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I own a home in South Carolina. Cannot keep up with the payments. Real Estate suggests short sale. What would happen if I let it go into foreclosure. House is not worth anywhere near what is owed on the mortgage.

smithsussane · Posted: Thu Nov 04, 2010 7:58 pm Post subject:

Hi rasberryice!

Welcome to forums!

If you let the property go into foreclosure, then it will have a severe negative affect on your credit report and you'll be liable for paying the balance amount resulting from the sale of the property. This will lower your credit scores by 250 points. If you go for a short sale, though you'll be liable for paying the balance dues, your score will go down by 80-100 points only.

Feel free to ask if you've further queries.

Sussane

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