Comments on: Consequences of foreclosure? http://www.vegasbubble.net/consequences-of-foreclosure Just another WordPress weblog Tue, 07 Sep 2010 01:01:10 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Terry F http://www.vegasbubble.net/consequences-of-foreclosure/comment-page-1#comment-3399 Terry F Fri, 12 Feb 2010 12:36:12 +0000 http://www.vegasbubble.net/consequences-of-foreclosure#comment-3399 The consequences involve the record of having your home foreclosed upon and that is not the end of the world but you can often get something better. Call your lender and talk to them. You may have to move up the chain of command from the one who answers the phone. Lay out your situation and hope you reach someone with empathy enough to really help you. If you can not get a better arrangement, ask about giving them the "deed in lieu of foreclosure." It is usually possible to do something that does not force the foreclosure process and does not have as bad an impact on you and your credit in the future. The consequences involve the record of having your home foreclosed upon and that is not the end of the world but you can often get something better. Call your lender and talk to them. You may have to move up the chain of command from the one who answers the phone. Lay out your situation and hope you reach someone with empathy enough to really help you.

If you can not get a better arrangement, ask about giving them the "deed in lieu of foreclosure." It is usually possible to do something that does not force the foreclosure process and does not have as bad an impact on you and your credit in the future.

]]> By: lost http://www.vegasbubble.net/consequences-of-foreclosure/comment-page-1#comment-3400 lost Fri, 12 Feb 2010 12:36:12 +0000 http://www.vegasbubble.net/consequences-of-foreclosure#comment-3400 either way they would find you and no matter where you worked and they would find out where you lived the best thing so call your lender either way they would find you and no matter where you worked and they would find out where you lived the best thing so call your lender

]]> By: golferwhoworks http://www.vegasbubble.net/consequences-of-foreclosure/comment-page-1#comment-3401 golferwhoworks Fri, 12 Feb 2010 12:36:12 +0000 http://www.vegasbubble.net/consequences-of-foreclosure#comment-3401 your credit will be shot you will get sued and you may end up filing bankruptcy and you may have to pay taxes on the loss you avoided aside from that not much. Get a job asap and seek a loan modification from your lender if you can your credit will be shot you will get sued and you may end up filing bankruptcy and you may have to pay taxes on the loss you avoided aside from that not much.
Get a job asap and seek a loan modification from your lender if you can

]]> By: knappneedleman http://www.vegasbubble.net/consequences-of-foreclosure/comment-page-1#comment-3402 knappneedleman Fri, 12 Feb 2010 12:36:12 +0000 http://www.vegasbubble.net/consequences-of-foreclosure#comment-3402 Destroyed credit, and the inability to buy another house. Destroyed credit, and the inability to buy another house.

]]> By: preludehc http://www.vegasbubble.net/consequences-of-foreclosure/comment-page-1#comment-3403 preludehc Fri, 12 Feb 2010 12:36:12 +0000 http://www.vegasbubble.net/consequences-of-foreclosure#comment-3403 Yeah call the lender. If you just up and leave the it will kill your credit score and your name. And yes they will find you and they can take legal action; Its called a breach of contract. My uncle did that on his house about 1 year ago and it killed his score and they found him and sued him and not only that, but the government seized his bank accounts and gave a percentage to the lender ( and kept some for themselves of coarse), but now he owes over half a mil to the lender and he could face imprisonment. just work something out with the lender because walking away from your problems can lead to serious consequences. Yeah call the lender. If you just up and leave the it will kill your credit score and your name. And yes they will find you and they can take legal action; Its called a breach of contract. My uncle did that on his house about 1 year ago and it killed his score and they found him and sued him and not only that, but the government seized his bank accounts and gave a percentage to the lender ( and kept some for themselves of coarse), but now he owes over half a mil to the lender and he could face imprisonment. just work something out with the lender because walking away from your problems can lead to serious consequences.

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