My credit score is 720. how low will get with a foreclosure?
Question:
the market price of the house 165k
Answer:
It will drop your credit score a lot, but it's even worse than that. You're credit report will be 'Red Flagged' as having a foreclosure, which will adversely affect your ability to get a mortgage in the future...but it's even worse than that! People mistakenly think that because a foreclosure will disappear from their credit report in seven years it's 'not that bad'. This is wrong thinking because mortgage applications ask you for a disclosure for whither or not you have 'EVER' had a foreclosure or bankruptcy.
If you have to make a choice between credit cards and a mortgage, pay the mortgage. The credit card companies will scream and moan and damage your credit, but they will be happy to start receiving payments in the future. Foreclosure is much more serious in the world of lending.
Is it possible to sell the house? You should try that first. It wouldn't hurt to put it on the market, you never know...
it will hurt your credit score a lot. An unpaid account makes you undesirable as a credit risk.
a forclosure is concidered a major derog like a bk or repo - it would devastate your credit for about 2-3 years
Assuming your upside down on the investment house (owe more than its worth) could you sell it at a loss and get an unsecured loan for the balance then pay that off over time? This would save your credit rating at least. Or can you lower the rent to cover most of the mortgage payment and just cover the loss every month?
You could get an unsecured loan at proser. They are people helping people. I could take a look and sponser your loan request if you want. Check the link below.
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