Foreclosure in 91030>Question Details

Djw, Home Seller in Pasadena, TX

Does anyone know if you end up foreclosing on more than one property that you own (2 separate homes) does it?

Asked by Djw, Pasadena, TX Tue Aug 12, 2008

impact your credit for the same amount of time (7years) or would it impact it for longer?

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4
DJW:

Foreclosure follows many months of late payments. Each property will be reported 30, 60, 90, and in collection and each of these has an impact on your credit score, so it is like 30 days late X 2, etc. In regards to how long it will stay on your credit report, each item reported has its own life and that life will run out in its own time.

I have a question for you. Since you look like you will be losing two homes to foreclosure, I would guess that there is some hardship associated with this. Is there a reason you are not looking at short sale, loan modification, or any of the many ways to keep your homes from going to foreclosure? I am a Home Retention Consultant and specialize in helping people in your situation find the right solution for their particular set of circumstances. Please feel free to contact me so we can review your options together. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
0 votes Thank Flag Link Tue Aug 12, 2008
Hello DJW,

I think it would impact them the same amount of time. Although, other things to consider are:

Are both properties your primary residence? Are you stating that they are?
Are they in the same state?
California has different laws than other states so you want to make sure if you own in another state they can't go after you for a deficiency judgment.
Lynn is correct. A deed in lieu and even a short sale would be preferable to a forclosure.

Best,

Monique Carrabba
The Reavis Group
Keller Williams
mcarrabba@kw.com
0 votes Thank Flag Link Tue Aug 12, 2008
Richard is correct will impact your credit scores for both homes reported on reports. If you can short sale, deed in lieu of debt than a foreclosure to your best interest.
http://www.lynn911.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Aug 12, 2008
The same amount of time, they will run concurrently, and expire at the same time. A better answer is to Sell short, then you end up with late payments on your credit, but not foreclosures. Short Sales are much better than foreclosures, and or bankruptcy.
0 votes Thank Flag Link Tue Aug 12, 2008
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