What are the effects of foreclosure in the U.S. …?
Hello, I'm in a situation where lenders are likely to run the mortgage on my apartment in Florida (investment property) because I can not pay the mortgage any longer. The problem is that the property is worth less than mortgage on it. I have a first mortgage of 400k and 112k a second, and the property can only sell for 399K or less. My questions are: 1. What will the effect of the implementation of a mortgage on my credit report and how will that affect my ability to buy another home ever? 2. If the lender forecloses, can they come after me for the difference between what they receive, and what happens? Will you take my 401k savings (about 15k) and may play my main residence in CA? Excluding, I will finish should the difference, or just "forgive" that? Thank you very much, GN.
It is necessary to consult a real estate attorney in Florida. Some states as California has a law to combat the deficiency of housing loans which means they can not come after you if the house does not sell enough to cover the loans. Others do not. A foreclosure will lower your credit score. That may or may not be a problem. Depends on whether you are applying for credit in the future.
Undisclosed 2nd Mortgage Payments May Be Illegal!
Comments on this entry are closed.