I will echo the theme of these posts.....seek options and seek advice of a real estate attorney.
If you would like some guidance with a short sale (preforeclosure sale) contact my office!
1. You will always have to disclose your foreclosure on future mortgage applications and sometimes employment applications. Many employers now run credit checks prior to hiring and during current employment. Depending on the position you hold, it could jeopardize your employment status.
2. Credit scores will be lowered by 300+points.
3. Security clearances and government positions including but not limited to military and law enforcement can be jeopardized.
4. You may be denied access to certain computer sites.
These are just to name a few of the pitfalls of foreclosure. It should be avoided at all costs. If you are facing a possible foreclosure, there quite a number of things you can do. If you would like more information, I would be glad to email it to you.
Linda S. Cefalu
Some people will say that Bankruptcy is a better decision than Foreclosure.
With Foreclosure, it shows Creditors that you are not a "payer", and as stated by the previous poster,
will stay on your credit record for years to come.
Bankruptcy indicates that you attempted to resolve the debt.
Also with a Foreclosure, the Lender(s) may come after you (Bill Collectors, Judgment Lien, etc.) for the Money they Lose.
Again, see a Real Estate Attorney.
Foreclosure laws differ depending on whether the property is located in a recourse or non-recourse state. You need to speak with an attorney and I think the attorney will also ell you that foreclosure is not an option. There are other solutions, e.g. a short sale or loan modification or bankruptcy. You need to learn how ea option may affect you legally and tax wise.