Foreclosure in 33141>Question Details

R. Davis, Both Buyer and Seller in Miami Beach, FL

If i don't do a bankruptcy after shortsale or foreclosure, or before, which ever one it is, what will happen

Asked by R. Davis, Miami Beach, FL Sat Apr 18, 2009

to me in the future? I am not planing on buying property again.

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Keith Manson- Metro Milwaukee Wisconsin’s answer
Things are changing and it is hard to say how your credit will be impacted in the future. I know you indicate that you will not buy a property again, but it is hard to say because things change. The decision you make will one you will be stuck with good or bad. All the options effect your credit and thus the interest rates you will pay for credit cards, car loans, insurance and other things will be effected by your credit score. Compaines are starting to tie charges to credit ratings and your should take that into considereation. Talking to a lawyer or a credit advisor some other expert to walk through this with you so you know what you are doing.

Keith Manson
First Weber Realtor
Certified Distressed Property Expert
Greenfield , Wisconsin
0 votes Thank Flag Link Sun Apr 19, 2009
HI Semia

After a short sale, you can start to rebuild your credit immediately by paying all other bills on time. If this was your primary residence you will not have to pay back either the difference or taxes on the forgiven debt. It if was not, you may be responsible to pay the IRS for income tax on the difference between the sold amount and your mortgage. In a foreclosure, the recovery for your credit will be longer, 7+ years likely. The lender could seek a judgment for the difference if they decide to. If possible, a short sale is a much better option for the current and long term effects. I hope this is helpful and wish you lots of good luck. Why are you considering a bankruptcy? Do you have other large debts that you are unable to repay?
0 votes Thank Flag Link Sat Apr 18, 2009
your best bet is to speak with an attorney or tax professional about your specific situation
0 votes Thank Flag Link Sat Apr 18, 2009
Cindi Hagley, Real Estate Pro in San Ramon, CA
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