Re: Let it go

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Posted by Janie on September 25, 2004 at 19:42:47:

In Reply to: Let it go posted by Mickie on September 25, 2004 at 13:19:27:

Why wouldn't you sell at a loss then write it off your taxes, rather than be dinged for almost a decade with a foreclosure on your credit report?

Yes, foreclosure haunts you for a very long time? It's only the beggining of your financial loss. Insurance companies use your credit rating for your rates, employers check your report to determine if your a flake before they hire. It goes on and on. Interest rates will be high for a long time.

Foreclosure is the gift that just keeps on taking.

: I own a 2 unit duplex with 69K owed that I have not been able to sell. Paying 700mo mortgage, but I can't get an appraisal decent enough to refinance. Could someone please explain the ramifications of foreclosure on credit, financially, etc. Any suggestions would be appreciated.

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: Why wouldn't you sell at a loss then write it off your taxes, rather than be dinged for almost a decade with a foreclosure on your credit report?

: Yes, foreclosure haunts you for a very long time?  It's only the beggining of your financial loss.  Insurance companies use your credit rating for your rates, employers check your report to determine if your a flake before they hire.  It goes on and on.  Interest rates will be high for a long time.  

: Foreclosure is the gift that just keeps on taking.




: : I own a 2 unit duplex with 69K owed that I have not been able to sell.  Paying 700mo mortgage, but I can't get an appraisal decent enough to refinance.  Could someone please explain the ramifications of foreclosure on credit, financially, etc.  Any suggestions would be appreciated.


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