Re: repurcussions of foreclosure with private lender
Posted by OC Andy on September 24, 2007 at 19:25:21:
In Reply to: repurcussions of foreclosure with private lender
Posted by Karolina Short on September 23, 2007 at 16:43:51:
Karolina:
Why doesn't it make sense to continue?
If the foreclosure proceeds all the way through, it will most definitely be reported on your credit, and, depending on what state you are in, the lender may be permitted to pursue you for any deficiency. A foreclosure is one of the most damaging "derogatories" that can be reported. It will stay on your credit report for 10 years and will make getting any type of credit in the future much more difficult.
Have you tried to work out an arrangement with your lender yet? If your lender knows your situation a little bit better, they may be willing to work something out with you.
Just my $ .02
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