What will happen to my credit if my home goes into forclosure ?

roxie59 · #1 Nov 11, 2007, 06:44 AM

Just wondering what to do about my home that I have been tring to sell for one and half years? I am struggling to pay for this home. We made a big mistake and we built another home thinking that this home would sell. I am just wondering how long forclosure will stay on someones credit and will it effect other things on my credit report if I need to purchase something in the future? I am trying so hard to sell this house and will even consider a short sale. Please help!!!!!!!!!!!

excon · Nov 11, 2007, 07:19 AM

Helo roxie:

Bad credit stays on your credit report for 7 years. Bankruptcies and judgments stay on there for 10.

If you'll consider a short sale, talk to your bank. They'll do it or they won't.

excon



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