My house went into foreclosure about a month ago and if i sell it during the redemption period.?
Question:
Answer:
no in both cases unless you sold it more than the foreclosure wanted. And your credit score will take a bad hit.
Consult with a real estate attorney to protect your credit rating with info from an expert. This is too important to ask of strangers who have no interest in your life. Foreclosure is VERY VERY serious. Don't you want expert advice?
NO, Yes possibly. They have to give you any money over the Mortgage and attorney's fees! If anyone else reads this-Call the lender immediately when you even think you may be in trouble! Ask to speak to the loss mitigation department and explain the issues. They want to work with you! Foreclosures are expensive for them too!
The foreclosure may drop off of your credit report, depending on what the bank decides to report. If they report the loan being paid in full, then that is what will be reflected. However, since the loan did go into foreclosure, they can leave that on your credit report, as well as reflecting the fact that you eventually redeemed the property. But redeeming a foreclosure would definitely be better than just having a foreclosure on your credit.
You can make a profit from the sale of the house, since all that you owe the bank is the redemption amount. If you sell the house for more than that amount, you can keep the difference as your proceeds from the sale. The bank can't just take extra money from you because you were foreclosed on.
Try and get as much money from the sale as is realistic. That will help establish a savings account/emergency fund for you to use in any other financial hardship. It will also help start you on the path towards saving up a down payment for a new home, if you decide to purchase again in the future.
Good luck.
ForeclosureFish
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