ScubaSteve
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- Joined
- May 21, 2007
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With the real estate market at rock bottom, has anyone had to foreclose? I'm asking because I live in the 3rd highest county in the US for home forclosure, and it's really screwing up my home value. I have to move in 8 months, and it looks like we can't afford to sell....the house is already about $75K-$100K depreciated. There's a bank-owned property 500 ft from my house that is a bigger floorplan and is selling for $233K. We owe $325K Renting might not get us what we need to cover the mortgage either....with prop taxes, HOA, etc. we'll be eating around $1500 a month.
Foreclosure is a possibility for us....after researching it, it's not as bad as it sounds. Lenders 99% of the time aren't suing borrowers to recoup their losses because of the time/cost involved. The other 1% are folks with significant assets, which we don't have It mainly just damages your credit....which we really don't use. It may keep us from buying a home anytime soon, but we plan to save for the next few years to get a huge down payment and just start from scratch.
I just wonder if anyone has any recent first or second hand experience?
Foreclosure is a possibility for us....after researching it, it's not as bad as it sounds. Lenders 99% of the time aren't suing borrowers to recoup their losses because of the time/cost involved. The other 1% are folks with significant assets, which we don't have It mainly just damages your credit....which we really don't use. It may keep us from buying a home anytime soon, but we plan to save for the next few years to get a huge down payment and just start from scratch.
I just wonder if anyone has any recent first or second hand experience?