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Old 04-29-2008, 12:20 PM
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Join Date: Apr 2008
Posts: 1
Unhappy

Need to forclose

What is the name of your state? VA

I need to forcolose 2 properties that I have. I can not make a payment anymore.
I took equity on one of my properties to buy to other one where i live but the equity came from a bank not from the same company where the mortgage is from the original property.

Is that going to be a problem if i forclose. Could the bank try to collect the money from me.
How long does this stay on your credit report and how bad is it if i want to find a place to rent.
Will my car be taken away if i'm currently paying for it.
thanks any help on this will help.

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Old 04-29-2008, 01:38 PM
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Join Date: Feb 2007
Posts: 4,971
You don't foreclose, the lender forecloses.

Yes, both the original lender and the subsequent equity lender can come after you for the deficiency (difference between the sales price and what they are owed).

Your credit is going to be hosed for a good long time (seven years) if you have even one foreclosure on it.
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