Foreclosure Control
Preparing (and repairing) credit with a foreclosure?
Due to circumstances beyond my control, I will be defaulting on primary and secondary mortgage this month, and my home will be foreclosed soon. Out of curiousity, is there any preventetive measures I can take to minimize the impact of this on my credit? I know it’s going to essentially ruin it, but I’m wondering if there are any letters I can write to credit agencies either now or after the fact to soften the impact, and make it easier for me in the years to come.
Thanks,
Ryan
Have you tried to talk to your mortgage company about doing a “Short Sale?” A short sale is when the bank reduces the cost of your home to what the market is really worth and the difference they absolve you from it entirely. Example…You buy a house for $300,000 and then after a year you can’t make the payments any more, your house is really worth $275,000 so the bank will let you refinance the house at the 275,000 price and lower your mortgage and completely absolve your $25,000 difference. It cost the bank a lot of money to do a foreclosure, sometimes as much as $50,000 so this may be a route you want to try. Do some research about short sales and make some phone calls to a few appraisers and you should be able to get some comphrensive information together!
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