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The repurcussions of foreclosure individually are: 1) your credit report is dramatically lowered, and it will be very difficult to get another mortgage in the future. 2) Even after the lender has foreclosed, they often still have the ability to put a judgment against you, which can lead to garnished wages, and will keep you from being able to purchase other real estate. 3) If the bank does not go after you through a judgment, they must report to the IRS that the they "forgave" the debt (if your house was not worth as much as your mortgage debt), and the IRS considers that to be income, and will tax you on it. But, as of early 2008 (or so), the taxable income (loan forgiven) is non taxable.
What else can I help you with?
What are the Repercusions of foreclosure?
My own home is in foreclosure (I am currently in the process of getting it out) and I can tell you from my own experience what the repercussions I have seen are. * My credit score is terrible (low 500's). It had been good (700's) before my foreclosure. * I cannot get any loans or credit. * The interest rates on some of my credit cards has jumped significantly. From the research I did, I found estimates that you would not be able to buy another home for 4 to 7 years. It stays on your credit report for at least 7 years.
Can a lien lead to foreclosure?
Check this post, it talks about liens and foreclosure. http://www.foreclosedpropertiesdata.com/blog/foreclosure-help/how-liens-can-lead-to-foreclosure/
What is the best recommended foreclosure website?
There are agencies who can help you to stop foreclosure. I have saved my house from foreclosure and if you have a foreclosure property then those agencies will buy it at a great price. For foreclosure guide you can visit myprgenie.com you will get stop foreclosure guide by 2brothers real estate
What happens to your down payment in foreclosure?
The money is gone after foreclosure.
Who is the Foreclosure King?
Steven J. Baum, the Foreclosure King of New York, Worth $50 Million. I consider him the foreclosure king. No doubt.
What is a foreclosure dismissal?
Foreclosure dismissal is a simple foreclosure challenge that can be filed to the foreclosure complaint even without an attorney.Added: A foreclosure dismissal is a court order dismissing a foreclosure action.
What are the Repercusions of foreclosure?
My own home is in foreclosure (I am currently in the process of getting it out) and I can tell you from my own experience what the repercussions I have seen are. * My credit score is terrible (low 500's). It had been good (700's) before my foreclosure. * I cannot get any loans or credit. * The interest rates on some of my credit cards has jumped significantly. From the research I did, I found estimates that you would not be able to buy another home for 4 to 7 years. It stays on your credit report for at least 7 years.
When was Repercussions created?
Repercussions was created on 2010-07-29.
When was Carnal Repercussions created?
Carnal Repercussions was created in 2007-08.
What is foreclosure help?
Foreclosure help is advice and help you can get from an organization or service that will help you through a foreclosure or help you stop a foreclosure. Foreclosure Help and Hope is an organization that can help.
Can a lien lead to foreclosure?
Check this post, it talks about liens and foreclosure. http://www.foreclosedpropertiesdata.com/blog/foreclosure-help/how-liens-can-lead-to-foreclosure/
What is the best recommended foreclosure website?
There are agencies who can help you to stop foreclosure. I have saved my house from foreclosure and if you have a foreclosure property then those agencies will buy it at a great price. For foreclosure guide you can visit myprgenie.com you will get stop foreclosure guide by 2brothers real estate
What is a consent judgment in a foreclosure?
A consent judgment in a foreclosure is whereby a borrower with a pending foreclosure agrees to get into a judgment for foreclosure. This will not require further legal representation.
Can a mortgage borrower apply for court foreclosure?
No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.
Can you do Deed in lieu after foreclosure?
deed in lieu after foreclosure?
What is the difference between preclosure and foreclosure?
Be aware that a pre-foreclosure property is not necessarily for sale. The pre-foreclosure stage is the period between the time in which a Notice of Default (in non-judicial foreclosure) or lis pendens (in judicial foreclosure) has been issued to the homeowner and after the property is sold at a foreclosure auction.
When was The Repercussions of a Badly Planned Suicide created?
The Repercussions of a Badly Planned Suicide was created in 2002.
