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Posted by RSI on February 20, 2007 at 08:49:48:
In Reply to: Foreclosure Date Set - now what? posted by Adabel on February 19, 2007 at 23:27:36:
Unless the loans have been written by two separate parties, you might find the lender/servicer reluctant to extend an offer of workout on the primary loan without concurrently working to stabalize the 2nd.
Most offers of workout require an initial cash outlay (downpayment contribution). If you know you will not be able to carry out the terms of the Agreement, it would be in your best interest to make certain your strategy does not include throwing more money into a sinking ship.
Depending upon the state the property is located in, you might risk exposure to deficiency judgment.
Foreclosure remains on a credit record for 7 years. Favorable recorded credit history, time, and absence of negative reporting will eventually produce a favorable credit score.
Movement in one direction or another symbolizes an acceptance of what you already believe will be the outcome.
If you know there is not enough income to support the monthly debt, your best strategy will involve divesting yourself of the property (sell) or increasing income.
