An exercise in Financial Gymnastics

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Posted by Reinstatement Services, Inc. on August 21, 2003 at 15:32:07:

In Reply to: Re: Homeownership after Foreclosure posted by Michelle on August 20, 2003 at 15:56:29:

Michelle, you must know that this is not going to be an easy fix. Avoiding foreclosure will involve work and sacrifice.

Foreclosure will remain on your credit for a period of 7 years. It will effect every aspect of decisions determining whether you are credit risk worthy. Negative credit ratings can also effect decisions related to employment.

The state the property is located in will determine whether you risk exposure to a Deficiency Judgement should a forced sale [foreclosure] not produce enough to cure the outstanding debt.

An automobile loan should not even be a question at this juncture if you are serious about fixing the situation you've created.

What might do to fix this situation is proffer a deed in lieu to your lender if your goal is to divest yourself of the property. Or, you might list the property for sale. Still, you could consider renting the property if neither of the previously suggested remedies are forthcoming. If deciding on renting, prepare to make up the shortage if you can't command the full rent.

So should you try again? Only if you aren't a quitter?

• Default and Foreclosure Solutions

Follow Ups:

• Re: An exercise in Financial Gymnastics - Michelle 16:50:42 08/21/03 (6)
  • Judgement vs Fact (url) - Reinstatement Services, Inc. 18:56:32 08/21/03 (5)
    • Re: Judgement vs Fact - Michelle 19:37:58 08/21/03 (2)
      • Re: Judgement vs Fact - Michelle 19:50:59 08/21/03 (1)
        • I'm not an unreasonable person... (url) - Reinstatement Services, Inc. 22:15:32 08/21/03 (0)

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: Michelle, you must know that this is not going to be an easy fix. Avoiding foreclosure will involve work and sacrifice. 





: Foreclosure will remain on your credit for a period of 7 years. It will effect every aspect of decisions determining whether you are credit risk worthy. Negative credit ratings can also effect decisions related to employment.





: The state the property is located in will determine whether you risk exposure to a Deficiency Judgement should a forced sale [foreclosure] not produce enough to cure the outstanding debt. 





: An automobile loan should not even be a question at this juncture if you are serious about fixing the situation you've created.





: What might do to fix this situation is proffer a deed in lieu to your lender if your goal is to divest yourself of the property. Or, you might list the property for sale. Still, you could consider renting the property if neither of the previously suggested remedies are forthcoming. If deciding on renting, prepare to make up the shortage if you can't command the full rent. 





: So should you try again? Only if you aren't a quitter? 








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