 My mom got a letter in the mail saying our house will be sold? |
It says the house will be sold at public acution August 4th. I knew my mom was in debt but is she really about to lost the house? What do I do?
Additional Details
We still live here. C... |
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 Can I break the lease? |
| I just rent a room of a house on the september first aand singed 1-year lease. After I moved in, I found the room has a bad odor. I guess the odor is caused by mold. The bad odor cause nasal ... |
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 How much earnest money should I put down? |
| I found my dream house and will make an offer tommorrow. How important is the earnest money? The house is vacant, so the seller is motivated.... |
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 Will we get preapproved with 687 and 715 credit scores? |
| My husband and I are looking to buya $250K house in Delaware. We make about $120K combined income. We are in the preapproval process, but want to make sure our credit score sound high enough to get ... |
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 Should i sell my home? |
| i've only had my house for nine months my sister and my boyfriends best friend moved in with us(me and my boyfriend). we got a house with extra bed rooms because my sister and the friend told us ... |
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 Being kicked out-Renting a new home- Low Income-HELP!? |
Hello guys,
I have been surfing the web for ever & I can't seem to find any help with my situation. I am being kicked out of the house, long story, & I was already looking for ... |
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 What are my options w/ this house?? Please help!!? |
| Story in short: old woman that lived alone in a house behind my parent's (where I grew up) passed away...her niece who lives in TX has been cleaning out the house and fixing it up little by ... |
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 Eminent domain... county wants my land? |
| Whats a fair price determined by if the county wants to buy 4 acres of my land to build a retention pond to help control down stream flooding? Or can they just take it and build what they want?... |
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 My new landlord wants to charge me for water bill? |
| i think i heard its landlord responsibility in ny state this true?... |
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 How to break a lease (preferably landlords!)? |
Actually, I know how to, but I wondered if this would be a good enough reason for a landlord...
Currently I rent a 2 bedroom townhome. At first it was nice but now the area has really ... |
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 Is there going to be a housing market 'crash'? |
| As a first-time buyer, getting on the property ladder is fairly daunting at the moment. There seems so much uncertainty withing the economy....is it best to wait and see what happens over the coming ... |
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 Would you rather sell or rent out your home? |
| If you moved into a new house and had the option of selling your old house or renting it out until the housing market stabilizes what would you do?... |
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 Can I ask a realtor to hold a house for 6 months with some kind of legal agreement? |
| We would like to buy a house but will not have enough money for a down payment until 6 months from now. So can I ask the realtor to not sell the house for that time period?... |
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 What happens if my loan amount is more than my house is worth today cuz of the housing market? |
| Three years ago, we refinanced our house, got into a 3 year ARM, didn't know anything about refinancing so I did that, thinking that was the best thing to do. It was worth $182,000, the loan was ... |
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 My rented house flooded, my basement was packed with stuff, who has to pay to get all damaged stuff out of? |
I currently rent a house. This morning I went down stairs to switch over my laundry and to my supprise there was a foot of water in the basement.
When it rains I always seem to get a ... |
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 Should I get an interest only 30 year fix mortgage? |
I'm considering an interest only 30 year fix mortgage but I'm still a bit confused.
After the 10 years, will the interest rate be changed to the rate at that time, or will it ... |
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serenade | How bad would it be for our credit if we bought a house, and let our condo fall into foreclosure? |
I want to try to get approved for another mortgage for a house, because our condo won't sell. We live in Southeastern Michigan, and the market is awful, and we need to get into a house. |
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e s
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Don't do that, better to try and rent the place out for a loss then let it go into foreclosure, don't give up yet :) |
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godged
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Terrible idea. This will effect you for years on credit cards, insurance rates, obtaining employment - it goes on and on.
Can you rent your condo? |
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Bobcat
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It would be very bad for your credit. I would either hold out until you can at least get out of the condo without losing your shirt or rent at a loss which is at least tax deductible.
You may have a lot of other options to lighten the financial burden such as combining credit card debts onto one loan or lower interest rate credit cards, cutting luxuries and finding other income.
If you were able to lower expenses or raise your income or both, you may be able to afford to rent at a loss and still keep your heads above water. |
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young2bballin
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You should defintely look to rent the condo out. When you apply for a mortgage and can prove that you have a lease on the condo. The mortgage company will consider that and it will help you debt to income ratio. Dont make a move until you get a signed lease to rent your condo. |
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Jeffrey F
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get it rented! Contact realtors to find you a tennent.
IF the bank forecloses and does not get what is owed + legal fees....they may attach a lien to your new place and eventually foreclose on that too.
People are renting until the market stabilizes |
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Sue
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You might not even qualify for a mortgage as long as the condo loan is active -- and especially not once it goes into foreclosure.
Look into renting it out, even if you just cover the mortgage or take a loss. The long term effect on your credit will impact your credit card rates, home owners insurance, car insurance, and your ability to finance furniture, etc. Some employers even check credit -- to see if you are reliable.
A bad credit report CAN mean that you would be an easy target for a bribe -- so jobs where you have access to money or merchandise, or where you influence contracts, etc. -- the employers CAN and DO run credit checks.
It could also become impossible to get credit (cash) if you had a real emergency.
Do anything you can to avoid foreclosure. |
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Bob C
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There are two things to consider here. First of all, have you been late on your mortgage payment in the last two years? Secondly, does your state allow the lender to recover a deficiency?
One of the main things most people don't understand is that, sometimes, having a lower credit score doesn't make your credit worse. To be blunt, if you can't get credit now, your score doesn't matter.
Most guidelines for prime mortgage rates require no mortgage "lates" in the previous 24 months. Therefore if you are already 90 days or more late, it is going to be really tough to get financing unless you have a huge down payment (at least 30%). At that point, adding a foreclosure doesn't really hurt you much.
Sometimes, a larger problem occurs if the lender is allowed to recover a deficiency. A deficiency occurs if the lender sales the foreclosed property for less than what you owe on it. Many times, the lender can sue you for the difference. If they can't, many times the IRS will consider the defiency income and you'll have to pay income taxes on the forgiven debt. Check with your accountant to see how this applies to you.
Getting a mortgage loan with an IRS tax lien or judgement filed against you is typically even harder than trying to get a mortgage with bad credit.
The good news about a slow Real Estate market is that the Rental market tends to pick up. If it is possible to do so, it might be better to rent out your condo instead of letting it go into foreclosure. Then, in a year or two, when the market eventually picks up, you have the option of selling the condo or keeping it as a rental property.
I hope this helps. |
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foreclosurefish_com
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The foreclosure will be bad, of course. But if you can get the other mortgage and start making on time payments on the new house, the foreclosure will not drag down your score as much, because you have other positive credit history.
But try to sell the condo or rent it out until you can figure out some other solution besides foreclosure. That would help your credit even more. |
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Emanon
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Pretty bad!!! |
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