Foreclosure how does this effect your credit

[sunliones]

Hi,

 

I should of seen an attorney, but I was desperate to sell my home a couple years ago. My son and I had gutted it, and rebuilt it, but I had a big pay cut, and had to move out of state. Because the pool was a mess, and I ran out of money, there was no floor (concrete) as well. I was not able to find a real estate agent, and this is where I messed up, I did not understand what "subject to" selling was. It was hit by a tornado last year, and the "property manager" asked me to file a claim. I filed the claim, but my neighbors saw another agency at my house, and when I questioned the property manager, he told me he had no other insurance. Well, to make a long story short, this is when I found out the deed was in his name, and I was left with a mortgage. I then hired an attorney, and we are still working towards a resovle. This is in Alabama. Now, here is the sad part, I turned my insurance claim over to my attorney, and that man pocketed his claim with one insurance. Now, the other insurance company wants to take their check back, and the house has been sitting there 14 months with damage. The people that are in it, have quit making payments. Depending on if the judge awards me back the insurance, I could evict and fix it back hopefully. If I dont get the check back, I probably will have to foreclose as the man got mad and he actually gave the deed to the deadbeat renters. This is in Alabama. How badly will foreclosure hurt me, otherwise I have spotless credit.

[Brian B The Loan Professor]

Hi,

 

I should of seen an attorney, but I was desperate to sell my home a couple years ago. My son and I had gutted it, and rebuilt it, but I had a big pay cut, and had to move out of state. Because the pool was a mess, and I ran out of money, there was no floor (concrete) as well. I was not able to find a real estate agent, and this is where I messed up, I did not understand what "subject to" selling was. It was hit by a tornado last year, and the "property manager" asked me to file a claim. I filed the claim, but my neighbors saw another agency at my house, and when I questioned the property manager, he told me he had no other insurance. Well, to make a long story short, this is when I found out the deed was in his name, and I was left with a mortgage. I then hired an attorney, and we are still working towards a resovle. This is in Alabama. Now, here is the sad part, I turned my insurance claim over to my attorney, and that man pocketed his claim with one insurance. Now, the other insurance company wants to take their check back, and the house has been sitting there 14 months with damage. The people that are in it, have quit making payments. Depending on if the judge awards me back the insurance, I could evict and fix it back hopefully. If I dont get the check back, I probably will have to foreclose as the man got mad and he actually gave the deed to the deadbeat renters. This is in Alabama. How badly will foreclosure hurt me, otherwise I have spotless credit.

 

I cannot say for sure how the scores will be impacted but it will prohibit you from obtaining a new mortgage for a few years - sorry to hear you got talked into this - many many many under funded people out there read about how to do this and they ride the wave with no risk to them -

B