Monroe Rainey: make sure your savings account is in a different bank than the mortgage. Also, if you're simply not paying because the investment didn't pay off, shame on you! If you're having hard times, then no worries, but there are a lot of people out there walking away simply because they're not making money, and they're adding to the problem.The foreclosure will hurt your credit pretty badly, and prevent you from getting a home loan (at least a conventional or FHA loan) for 3 years. Your other rates may go up as well as many creditors have a universal default clause, so you may see credit card rates rocket skyward with your lowered FICO score. If you need auto financing, it will result in higher rates. Google "poor credit costs $1 million" and you'll find a great article about how poor credit effects you financially....Show more
Willetta Munhall: ok this is how. they will come after you for the balance owed and place a lien on your personal home. Once they! go to court. The judge would look on this as trying to avoid the lien and let it attach to your personal home. The lien will get paid if you refinance or sell that home.It is kind of like moving assets just before filing a bk7. You may be in a dower state or community property state and be listed as a joint owner in any eventI am a mortgage banker in TN & KY...Show more
Sharie Sommerville: Obviously, the foreclosure hurts your credit and the accounts that are joint are fair game for collections. Changing the primary into your husband's name raises other questions (if he dies, the house does not become yours - it becomes the estate's and could be sold off to pay his debts) that you might want to consider.
Darren Heling: if you get sued for the remainder, they can attach your savings!!!
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