Can anybody tell me if this would help my credit some or hurt me in the long run? Would it affect other purchases like buying a new car or anything else?
Kelly
Comments
If they foreclose, it will kill your credit.
They will also come after you for the difference in the loan balance and what they can sell it for. You don’t just get to walk away scott free.
Foreclosure is going to damage your credit and will make future borrowing both more difficult and more expensive (higher interest rates for you). And if the foreclosure sale results in a net loss, meaning you still owe the bank money, and you use funds – cash or not – that could have gone toward satisfying that debt, to buy other property, regardless of what state it is in, you can be pursued not only for the debt, but fraud as well.
…and WHERE are you getting the money to do this from?
You do realize that if the foreclosure sale does not cover what you owe on the house..they can go after your other assets.
It’s called a deficiency judgement.
Lets see you are willing to be foreclosed on and have your credit ruined for the next 7 years but have cash to pay for a new home? This makes no sense whatsoever if you have the cash catch up on the home you have now. If you about to be foreclosed on by the way that means you are 90 days late and your credit is already trashed, but it can get worse
