Re: Possible foreclosure and new home purchase
Posted by steele in minnesota on November 20, 2008 at 06:41:30:
In Reply to: Possible foreclosure and new home purchase
Posted by Klahrah on November 19, 2008 at 21:14:52: As long as you are not married I don't know if it will directly effect you. If married and the foreclosure goes through and there is some kind of deficiency judgement, anything effecting him effects you to some degree. And even if not, a foreclosure on his record may effect you as well in numerous ways.
The words of advise I would offer are simple.
Start communications with the bank.
At this early stage you have the most alternatives. A foreclosure is not going to help either of you. Short sales, deed in lieu, load modification are just a few of the alternatives.
But you have to explore them to see if one would work better than foreclosure. And be especially careful in buying that new house. Any fibbing on the mortgage application is likely fraud.
Think of foreclosure as the last resort.
My 2 cents worth...
Good luck,
Steele
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