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07-31-2007, 01:40 PM
| | Junior Member | | Join Date: Jul 2007
Posts: 1
| | | Forclosure
What is the name of your state? VA
I purchased my condo 2 years ago at the peak of the market, since then my interest rate has spiked up and I can no longer afford my place ($700 more a month) . I have tried talking to my lenders in reducing my interest rate and they have refused. I have also tried to refinancing but my property is worth less than what I paid for it. My only option is foreclosing or short sale.
My questions:
Can my bank come after me? I don't have a savings account, very little in the bank, the only thing I have is my car. Worst case scenario, what can they do?
How long would something like this stay on my credit report?
If the bank accepts the short sale option , will I be responsible for the difference if it sold?
Please help me I am desperate!!What is the name of your state? |
07-31-2007, 02:11 PM
| | Senior Member | | Join Date: Nov 2005 Location: South Cackalacky
Posts: 14,795
| | | Yes, they can and will expect you to pay for the definiency balance. If they accept the short sell, then, no, they won't expect you to pay any balance because there won't be one. This will be on your credit report for at least 7 years.
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My new signature:
Originally Posted by arazi Quote: |
I'll take you on one-to-one in a volcabulary test anywhere, anyplace, anytime.
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08-01-2007, 07:17 PM
| | Member | | Join Date: Dec 2005
Posts: 51
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are you saying the short sale will stay on the credit for 7 years? |
08-01-2007, 07:21 PM
| | Senior Member | | Join Date: Nov 2005 Location: South Cackalacky
Posts: 14,795
| | | Yes, and, remember, they don't have to accept any of the offers.
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My new signature:
Originally Posted by arazi Quote: |
I'll take you on one-to-one in a volcabulary test anywhere, anyplace, anytime.
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08-03-2007, 01:16 AM
| | Member | | Join Date: Dec 2005
Posts: 51
| | | i'm confused on that one! how would the short sale be reported to the bureaus by ? not as late, foreclosure, deficiancy, how?
i understood the short sale strategy to not only avoid foreclosure for the bank, but to help the seller before the credit is trashed by foreclosure?.
is there a great difference between a short sale scar on your credit for 7 years and a foreclosure on your credit for 7 years? is the only benefit to the seller the guarantee of no deficiancy? |
08-03-2007, 07:07 AM
| | Senior Member | | Join Date: Nov 2005 Location: South Cackalacky
Posts: 14,795
| | | The ONLY benefit is no defeciency.
__________________
My new signature:
Originally Posted by arazi Quote: |
I'll take you on one-to-one in a volcabulary test anywhere, anyplace, anytime.
| |
08-03-2007, 07:55 AM
| | Senior Member | | Join Date: Oct 2006
Posts: 1,125
| | | Don't know when but if you hang in there long enough the states are going to start bailing out people who made these kinds of decisions! |
08-03-2007, 01:40 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,241
| | Quote:
Originally Posted by lcannister  Don't know when but if you hang in there long enough the states are going to start bailing out people who made these kinds of decisions! | *A: hahaha....too funny. |
08-03-2007, 05:57 PM
| | Senior Member | | Join Date: Oct 2006
Posts: 1,125
| | | Would that it were funny and not a reality. The irresponsible will soon be rewarded for their behavior and the states are lining up Banks who will fund these loans as I type.
My local hometown bank usually has 5-10 foreclosures a year they are sitting on 58 properties ready to go on the auction block. I was just informed they are accepting crazy offers on short sales and that I should go look at the properties. | |
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