How does foreclosure affect my credit?Please Help Me!!?
Question:
I also have another house that I have bought pre-construction. If I foreclosure, what are my chances of getting that other house, it will be built next year and that when i have to go to settlement!??
Answer:
You aren't making life easy for yourself. If you can't afford the payments, SELL IT. Or call the mortgage company to work something out. If you can't afford it because you have ruined your credit in foreclosure, DON'T BUY IT!
Renting shouldn't be a problem, but they may ask for more deposit.
A better question is how greed affects your credit when the real estate market collapses. I'm guessing that's how you got into this mess.
A foreclosure will not stop you from getting a mortgage!
It will stop you from getting over 70% LTV with in 18 months, so if you have the cash pay your bills. Note: 120 days late on a mortgage is a foreclosure! Refinance it take the cash out to pay your bill, if you need too..
http://1stmdloans.com
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