Hardship Foreclosures
do i have to prove hardship to let my home go into foreclosure?
mortgage pmts have always been a burden so high now from refinancing that we have maxed out our credit cards (15,000) we are in mid fifties no savings hours being cut so more stress 27 years left on mortgage if we move we can cut expenses in half can we move before our credit goes bad because once mortgage is late will affect credit can we move?
All you have to do is stop making payments for your home to go into foreclosure. It’s that simple.
Obviously, your credit will be trashed. It will start going downhill as soon as you miss the first couple of payments. You will then most likely have to rent someplace as you wouldn’t be able to get a new loan to buy something cheaper. Which isn’t necessarily a bad thing.
Keep in mind there are so many foreclosures happening right now banks are really backed up. It may take months or even longer after you stop making payments before you physically have to get out of the house, this will give you more time to save money.
Suffering Financial Hardship??
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