Monday, May 21, 2012


What are the negative effects be of a foreclosure?

Posted by
January 19, 2009
Matt P asked:


I own two homes. Current on both. One is an “upside down” mortgage. My credit is above 800 right now. What would the negative effects be if I let the on property go into foreclosure?

Foreclosures

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Comments
Comment by fun.notnuts on January 22, 2009 @ 1:55 pm

Loss of property, bad credit mark. But if all else is fine, it won’t hurt things too badly. If you still pay your bills the one loss will not mark your credit as badly.

Comment by TheMerger on January 23, 2009 @ 10:54 am

Been there, done that. One negative effect for sure: your credit rating will take a nose dive………
And unless your first mortgage has a life time (like 30 years or so) cycle, you’ll hit the jackpot at renewal time…..
Good luck.

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