How bad is a foreclosure on your credit and how can I best avoid it?
Quick House Sale
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March 27th, 2010 at 8:54 am
Sell …it’s the only chance you have….otherwise your credit would be destroyed for a long time….you wouldn’t be able to even rent in a good place…..you would end up in a crimeridden roach infested motel somewhere.
Good luck.
March 27th, 2010 at 6:28 pm
How bad is it? Very
How can you avoid it? Sell the house or pay the mortgage.
Get an evening/weekend job to bring in extra money and keep looking for a better job. Make sure you cut all non-necessary things out of your expenses. This basically means anything other than water, electric and basic food. Everything else should go.
March 29th, 2010 at 8:37 pm
CALL YOUR LENDER….THEY DONT WANT YOUR HOUSE BACK…IF YOU ARE WITH B OF A YOU ARE IN LUCK…THEY WILL DO ANYTHING THEY CAN TO AVOID TAKING YOUR HOME BACK…IF IT IS ANOTHER COMPANY THEY MAY DO THE SAME THING……IF ALL ELSE FAILS AND YOU SEE NO WAY OUT YOU CAN FILE A REORGANIZATION THRU BANKRUPTCY…THIS WILL ALLOW YOU UP TO 5 YEARS TO CATCH UP, BUT YOU MUST PAY YOUR CURRENT MONTHLY PAYMENT PLUS A SMALL PORTION ON THE BACK AMOUNT…….AS A LAST DITCH EFFORT AND YOU WOULD RATHER GIVE IT BACK….TRY SELLING IT FOR THE BALANCE ON THE LOAN….LIST IT ON CRAIGSLIST ….ITS FREE OR IF YOU WANT JUST A LITTLE ABOVE, TAKE THE EXTRA AS A SECOND WITH A DUE DATE OF TWO, FIVE YEARS OR WHATEVER TERM YOU AGREE ON…HAVE THE BUYER PAY ALL CLOSING COSTS….YOU MOVE OUT, YOUR CREDIT IS SAVED…..THE SECOND ON THE HOME MUST BE SATISFIED BEFORE IT CAN BE RESOLD…SO EVEN IF THE PERSON WHO PURCHASES THE HOME FROM YOU DEFAULTS, THE MORTGAGE COMPANY MUST PAY YOU OFF BEFORE THEY CAN RESELL THE HOUSE….IT IS A WIN, WIN FOR YOU.
March 31st, 2010 at 12:07 am
Dude.
You are in CALI, so you KNOW you have an oppressive mortgage given that you don’t have any equity.
I have three recommendations.
1) Sell
2) Sell
3) Sell.
It is no used rearranging the chairs of the deck of the Titatanic when you know full well it is in the process of sinking.
And don’t ever forget that real estate in the South is HELLA CHEAP when compared to CALI. You don’t have to defer the dream if you are willing to leave a housing bubble environment.