Help with home loan?
Tags: alot, credit issues, foreclosure
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on Friday, June 19th, 2009 at 8:30 pm and is filed under Home Equity Loan Refinancing.
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If you are choosing between selling and letting it go to forclosure, try and sell it yourself. Don't worry about the repairs, sell it "as is with right to inspect" and get yourself out from under. It would be much better to take a little loss selling it yourself that have that huge negative foreclosure on your credit for the next several years.
Ask the bank about a short sale if it comes to that. That is when they agree to take the house for the amount you owe them. Your house might not be worth as much as when you bought it, basically in a short sale the bank eats the loss to avoid a lengthy proceeding. Try to sell you own place first before that, though.
Yes you can buy a home again, but it will be a few years before your credit is restored to the point of qualifying for a decent loan program.
Perhaps you should try to sell your home as is. There are plenty of people out there looking for "flip" homes, and if it appraises high enough to qualify for financing, you may get out of it OK.
If you let the loan go into foreclosure then you won't be able to qualify for a loan to buy another house for at least three years from the date of foreclosure. You'd be better off selling the house now, then work on improving your credit.
Good luck.
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