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Hi, I am new to this forum and looking for a non-biased answer (sorry I don't trust my realtor with this one!). I am current on everything reasonable FICO score (670ish), but I have to move out of state to get care for my disabled son. House has been on the market 4 months, no movement. It is presently listed at about 20% below mortgage payoff. I am at the point now where we have to move in 2 months, and I can't afford to make the mortgage payment AND pay rent (nor can we rent our house out here because rental value is 800 less than mortgage payment).
I had decided on my own that if it wasn't under contract by June, I would just do a deed in lieu and give it back to the bank with no late payments. My realtor says I am crazy, that you are always better off doing a short sale, even if it takes 6-8 months to close it.
So, assuming that I can actually get a buyer EVENTUALLY, and the bank does not foreclose, what is the difference in impact of 120+ late payments but everything else current and short sale is listed as paid-satisfied, versus taking the hit on the foreclosure with no late payments?
Many thanks, and any advice for getting out of this pickle would also be appreciated!
I can't answer your question in regards to the effect on your FICO score. However, generally a foreclosure, voluntary or not, will prevent you from obtaining another mortgage for at least 3 years.
A foreclosure is a major derog, like a judgment or a tax lien. Besides, with late payments, you can possibly GW the bank for removal. With a foreclosure, its just there for 7 whole years, with little chance of removal. Just my thoughts...