Asked by Mark Davis, Gilbert, AZ • Mon Jan 7, 2008
i currently own a home and decided to build a custom home but when my current house did not sell I got stuck with 2 mortgages that I can not afford. I tried finding a rentor but the rental pricies in my area are way lower than my mortgage payement. My new home is just about complete and the value of the poperty has decreased considerably so I would be taking a major loss. My credit score is 750 and my income is $180k-$200k annual (gross). What will happen to me if I foreclose on the new property and stay in the home I am in now? What would happen to my credit? How long will this hurt me? Whats the worst that could happen?
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