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Posted by Reinstatement Services, Inc. on April 18, 2002 at 11:44:41:
In Reply to: Foreclosure posted by Wendy on April 18, 2002 at 00:04:59:
Funny thing about foreclosure...just when you think you've been rid of the problem [forced sale] other things occur as a direct result.
Other things might include a deficiency judgement, tax implications related to 'income/gains', long term credit impairment and related nuances [i.e, high interest rates if you manage to secure another loan], and, as you mentioned, future "job marketability".
You are wise to consider the possible impact prior to deciding your course of action.
You might consider petitioning your lender for short sale approval. This might make it easier for you to divest yourself of the property without exposure to the long term financial risk mentioned.
