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Wants to Walk Away |
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I AM THINKING ABOUT FORECLOSING ON THE HOME I JUST BOUGHT 6 MONTHS AGO. iTS A SINKING MONEY PIT, AND MANY UNFORSEEABLE PROBLEMS HAVE ACURED. HOW LONG DOES FORECLOSURE TAKE? CAN I JUST WALK AWAY OR WILL I NEED TO FILE BANKRUPTCY ALSO??? THANK YOU SO MUCH! |
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You can just walk away, but you'll trash your credit record. If the place is sold at a foreclosure auction and doesn't bring enough to cover the mortgage debt and legal costs, the lender may be able to get a judgment against you for the shortfall, so you'd have that on your record as well.
Bankruptcy is another thing altogether -- it doesn't stop a foreclosure.
A better idea is to call your lender and ask if they have any suggestions that would be helpful in your present mess. |
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Edith
Originally published on September 24, 2007 |
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