Re: foreclosure
Posted by Julio Martinez-Clark on April 28, 2008 at 10:12:19:
In Reply to: foreclosure
Posted by ed florida on April 28, 2008 at 06:44:53:
Ed Florida,
Foreclosure is a very damaging entry on a credit report, and will cause problems if the person
tries to obtain credit (especially another mortgage), in the future. Foreclosures could remain on a
credit report for seven (7) years.
Individuals are contractually obligated to pay whatever they agreed to borrow from their
lenders. A lender, If allowed by state law, could potentially obtain a mortgage deficiency
judgment against an individual whose property doesn't satisfy the debt at a foreclosure
sale. It's up to the lender decide to do it or not. Nobody on this discussion board on in any
other one can exactly tell you if your lender will pursue and collect a mortgage deficiency
judgment against you. It hasn't been common in the past in the case of foreclosing lenders,
however that doesn't mean that it cannot happen in the future. Non foreclosing lenders will
enforce their promissory note agreements and very likely, pursue collections to the fullest
extend of the law.
Please read my real estate articles in my blog. They will answer many of your current and
future questions.
I hope this helps,
Julio Martinez-Clark
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