What will happen if I walk away and foreclose on a Primary home mortgage loan? Would

Tips and Deals Forums Home Mortgage What will happen if I walk away and foreclose on a Primary home mortgage loan? Would

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This topic contains 5 replies, has 4 voices, and was last updated by  Anonymous 7 years, 8 months ago.

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  • #412644

    Anonymous

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  • #412645

    Anonymous

    It’s a bunch of bull.

    Any lender will look for credit history. Having no credit is almost as debilitating as having bad credit. I say almost because it’s relatively easy to build good credit where as it’s a rather long and difficult process for someone to recover from bad credit. You do not need 5 years of open credit card accounts. You just need to show that you are responsible and capable of repaying loans. The formula used for the credit bureau factors in department store credit, general credit (visa, amex, etc…) and large loans. You should probably get a general credit card for the purpose of building your credit but please use it with caution. Remember that credit card companies aren’t in the business of helping you; they are out to make a profit. Never charge more than you can pay at the end of every month. Avoid interest. Pull your credit report at least once a year to view your progress and go ahead and pay for the fico scores since this is what lenders look at when considering you for a loan. If you do apply for a department store card wait until they are offering 20 or 30% off of your purchase so at least you benefit fiscally from signing up for it. Remember that your fico score takes a hit every time some one pulls your credit. You may as well save a few dollars for the hit. Of course this is only a small hit and will be regained in a short amount of time.

    As for A and B lenders here is the deal. Any potential lender will look at your credit and determine what is good debt and bad debt. Good debt is considered to be mortgages, car loans, and student loans. Bad debt is credit card debt. Since banks such as Wells Fargo primarily lend for mortgages that would make the loan not the lender “good”. They are considered good because houses are resold for profit, student loans suggest professional success (higher pay), and a car loan means you have a way to get to work to make money in order to pay back your loan.

    Credit is a tricky game. You have to have credit but you don’t want to much credit either. Bankrate.com is an excellent source for all thing financial.

  • #199075

    Anonymous

    I still be in debt? The house is in Las Vegas, and it’s a Primary home Mortgage.

    I live and work in Los Angeles, and I live in an apartment, I don’t own any other property.

    I was wondering, what would happen if I walk away from the Mortgage and foreclose it, would I still be in debt? Could the bank sue me and take money out of my account and paycheck?

    Thanks.

  • #256831

    Anonymous

    Each state has different laws on that. You are only liable for the loss to the lender in some states. Check with a local attorney.

  • #256837

    Anonymous

    I believe if the property goes to auction and does not reach the figure to cancel the debt you could be asked to make up the short fall.

  • #257192

    claucar16
    Participant

    You might be, but probably not. Your credit will be destroyed for sure.

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