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That depends on whether or not you owe more than your home is worth. I f so, your lender may go after other assets to compensate your their loss.
There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.
What else can I help you with?
How do you find Realtors that do foreclosure properties in Jacksonville Florida?
How do you find realtors that do foreclosure properties in Jacksonville Florida
How can you find Foreclosure properties?
There are a number of websites that allow one to find foreclosure properties to buy. One can find listings of such properties on 'Realty Trac', 'Zillow' and 'HomePath'.
How is credit standing affected by a foreclosure?
A very negative!
Which banks lend to buy foreclosure properties?
Bank of America has a Foreclosure listings for properties on their website www.bankofamerica.com. The have great lending programs to help suit your needs.
Where can one find forclosure properties for purchase in Atlanta?
One can find foreclosure properties in Atlanta in a variety of different ways. They can contact realtor sites that have foreclosure properties, such as Realtor, or they can go directly to the bank for their listings.
Where can one find foreclosure properties for sale in Orlando?
If one wants to find properties that are foreclosure sale properties then it is best to ask the local realtors. There will also be listing in the local papers when someone has put in an offer.
What is the difference between a sheriff sale and a foreclosure?
Generally the term foreclosure is used at the start of the process. The foreclosure occurs when a person who does not make payments is kicked out of the house. Then the property is fore closed. In some places the bank can sell foreclosed properties. In other places, it goes on the block for a sheriff's sale.
How long is your credit affected after a foreclosure?
Usually a foreclosure will lower a person's credit score by 250 points, and sometimes by as many as 280 points. The foreclosure stays on a person's credit report for seven years.
How do you get a list of foreclosures?
Search for a directory of free foreclosure listing sites There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. There are many companies/websites that offer access to foreclosure listings. The majority of these places will offer trial periods for you to take advantage of. Just pay close attention to the terms of service. In addition, are you looking for listings because you are interested in purchasing foreclosure properties? Or are you just looking to see what's going on in your area? If you are looking to purchase, please note that there are other properties available for which you can get a deeper discount than a foreclosure. Pre foreclosure properties (aka motivated sellers) need to sell and sell quickly, often times giving you the upper hand on the price you pay. Also, if you already have a trusted realtor agent working with, perhaps you can both work together in obtaining a list of properties under foreclosure which your agent can ask from banks.
How does foreclosure affect credit?
Your credit will be affected negatively with a possibility of your credit score dropping 200 or more points. Not sure if you are in foreclosure now but if you are not make sure to communicate with your banks regarding your situation to prepare for other options and at least the banks will be aware.
Can foreclosure of investment properties result in the selling of your own home?
In theory yes, but in practice I doubt it will happen. The bank will start the foreclosure procedure with your investment properties, ultimately these properties will be sold and the proceedings used to settle the mortgage loan. In most situations the proceedings will be enough to pay off the mortgage and you are entitled to the surplus. However if the proceedings are not enough to pay off the mortgage you can and will be forced to pay it off with other funds and eventually bankruptcy can follow and your home will be taken. And please do not forget that even a foreclosure on investment properties will have a negative impact on your credit score.
If I have a vested interest am I affected by foreclosure on property?
Yes, your vested interest could be cut off.
