What happens to a person how forecloses on a house besides just a bad credit rating?
January 9th, 2009
| Tags: Bad Credit Rating, Home Value, Toilet
studog456 asked:
I invested in a house in Florida a year ago which has gone down the toilet as far as property and home value. I should have never been approved for the loan in the first place with it being 350k, but now its valued below 300k. Im stuck in a difficult situation.
Estefan
I invested in a house in Florida a year ago which has gone down the toilet as far as property and home value. I should have never been approved for the loan in the first place with it being 350k, but now its valued below 300k. Im stuck in a difficult situation.
Estefan
They can sue you for the rest any balance left after they sell it. And they will tack on legal fees, extra interest and anything they pay to sell the house.
Try to find a buyer on your own and then go to the mortgage company and attempt to make an offer and a “short sale”.
Trust me, the banks don’t want your house, and you don’t want to end up still owing $100,000 for this bad deal.
You got yourself into the mess, try and pull yourself out of it.