Damage Control

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Posted by Reinstatement Services, Inc. on December 05, 2002 at 14:10:18:

In Reply to: Re: Which state is posted by Robert Woodrow on December 04, 2002 at 16:43:49:

Regarding the impact of foreclosure, of course you should expect extensive credit damage. Many homeowners are unprepared for the reprecussions of a deficiency judgment should the lender decide pursuit is in his best interest. Although your lender would be fully within his rights to pursue one according to Pennsylvania law, if a DJ is not applicable or pursued then tax implications regarding income/gains will be likely.

Appropriate damage control will most assuredly involve downsizing your debt load. This might be accomplished by selling the home that is being leased and moving into the spec. property.

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Comments:
: Regarding the impact of foreclosure, of course you should expect extensive credit damage. Many homeowners are unprepared for the reprecussions of a deficiency judgment should the lender decide pursuit is in his best interest. Although your lender would be fully within his rights to pursue one according to Pennsylvania law, if a DJ is not applicable or pursued then tax implications regarding income/gains will be likely.

: Appropriate damage control will most assuredly involve downsizing your debt load. This might be accomplished by selling the home that is being leased and moving into the spec. property.


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