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Reload this Page Foreclosure-to go thru with it or not?

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Old 05-03-2001, 04:31 PM
mes29
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Unhappy
Florida

We sold our house on a wrap-around mortgage last year. The buyers were due to pay us off Oct, 2001. Got a phone call yesterday, and they are separating and wanted us to take the house back in lieu of foreclosure. We have been renting an apt since last June, have 1 more year on our lease and also own a house in IN which has been vacant since last June. We can get out of our lease with the apts. but what are our rights as far as the buyers go? IF we take the house back in lieu of foreclosure, can we still sue them for damages to our credit we may incur in transition?
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Old 05-04-2001, 11:39 AM
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Join Date: May 2000
Location: Catatonic State
Posts: 75,781
Take the property back asap. There will be no damage to your credit because YOU will pay your mortgage.
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