im thinking of having one of my rental property achieve foreclosed because its costing me alot of $$ to keep, can the lender sue me or hold my wages garnished?
also, if im going to hold the lender ruin my credit, im thinking of taking advantage of the barter prices of homes for sale and buying my dream home..what would start if i buy my dream home and have the lender foreclose on the one i live contained by now?
Answers: Since this is not your residence you will be liable for the entire amount you borrowed from the wall after foreclosure.
Yes, they can garnish your wages, but it take about a year.
Deficiency pronouncement in Cali is occasional in some cases. If your loan be a purchase loan only, you may be locked. If there be a refinance or HELOC, then your purchase loan (a non-recourse loan) is very soon a recourse loan.
http://www.forecloseddreams.com/californ...
http://www.sandiegopredatorylending.com/...
The foreclosure is going to put a 250 point ding on your credit. Fannie Mae & Freddie Mac have both in recent times tighted their guidelines that you will need 4 - 5 years verbs credit if there is a previous foreclosure on your credit history.
You would be better to put up for sale the rental, if you can.
I do not know where you live.
In Canada, a mortgage foreclosure does not erase the debt, and single the price the lender has to get rid of it for is reduced from your debt. This is not the same contained by all jurisdiction.
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also, if im going to hold the lender ruin my credit, im thinking of taking advantage of the barter prices of homes for sale and buying my dream home..what would start if i buy my dream home and have the lender foreclose on the one i live contained by now?
Can I verbs a property that have a flash of credit attached to it?
Answers: Since this is not your residence you will be liable for the entire amount you borrowed from the wall after foreclosure.
Yes, they can garnish your wages, but it take about a year.
Hi involve relieve i inevitability the steps to follow to rent a house?
Deficiency pronouncement in Cali is occasional in some cases. If your loan be a purchase loan only, you may be locked. If there be a refinance or HELOC, then your purchase loan (a non-recourse loan) is very soon a recourse loan.
http://www.forecloseddreams.com/californ...
http://www.sandiegopredatorylending.com/...
The foreclosure is going to put a 250 point ding on your credit. Fannie Mae & Freddie Mac have both in recent times tighted their guidelines that you will need 4 - 5 years verbs credit if there is a previous foreclosure on your credit history.
You would be better to put up for sale the rental, if you can.
Need leagal guidance for buying a property surrounded by delhi?
I do not know where you live.
In Canada, a mortgage foreclosure does not erase the debt, and single the price the lender has to get rid of it for is reduced from your debt. This is not the same contained by all jurisdiction.
Resolved Questions: