Posted on: 02nd Nov, 2010 06:47 am
hi,
my husband and i bought three investment properties at the height of the market. we can not afford the mortgages any longer but we have excellent credit and have never paid late yet. only one is rented right now but not for the full mortgage since we have a second mortgage on this rental property.
will foreclosing on all three mortgages affect our credit score more or the same as foreclosing on just one? basically, will our score be reduced by 300 points on each foreclosure? there a four different mortgage companies (including the 2nd mortgage) so a 750 credit score will be -150?
thanks!
mia
my husband and i bought three investment properties at the height of the market. we can not afford the mortgages any longer but we have excellent credit and have never paid late yet. only one is rented right now but not for the full mortgage since we have a second mortgage on this rental property.
will foreclosing on all three mortgages affect our credit score more or the same as foreclosing on just one? basically, will our score be reduced by 300 points on each foreclosure? there a four different mortgage companies (including the 2nd mortgage) so a 750 credit score will be -150?
thanks!
mia
Hi,
Thanks for reading this post. With our situation, do you think a deed in lieu is an option. It appears as though each lender decides and if there are different time frames our credit would be reduced each time.
Thanks for your advice.
Thanks for reading this post. With our situation, do you think a deed in lieu is an option. It appears as though each lender decides and if there are different time frames our credit would be reduced each time.
Thanks for your advice.
hi,
three foreclosure will effect your credit score very badly, i will be come around 200 to 350, so in my opinion try to avoid foreclosures three properties at one time, try to refinance mortgage then you can reduce monthly payments.
thanks & regards.
gunz.ijjistaff :roll: :roll: :roll:
three foreclosure will effect your credit score very badly, i will be come around 200 to 350, so in my opinion try to avoid foreclosures three properties at one time, try to refinance mortgage then you can reduce monthly payments.
thanks & regards.
gunz.ijjistaff :roll: :roll: :roll:
Hi Mia,
It will be better if you file bankruptcy ch.7 or ch.13 and include all the three possession (bankruptcy is a last resort and should only be used when there are hardly any alternatives) while drafting it.
You can also consult your situation with other legal experts and then take a wise decision...
Feel free to ask any further query if you have........
DIPA
It will be better if you file bankruptcy ch.7 or ch.13 and include all the three possession (bankruptcy is a last resort and should only be used when there are hardly any alternatives) while drafting it.
You can also consult your situation with other legal experts and then take a wise decision...
Feel free to ask any further query if you have........
DIPA