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What are the ramifications of foreclosure?

what-are-the-ramifications-of-foreclosure Many homeowners want to know the ramifications that a foreclosure will have on their credit and most importantly, their lives.

The facts are that a foreclosure is definitely not the end of the world and it isn't really going to change your life that much in the long term. Yes, the short term effects will suck, but in the end you may just be better off.

Yeah, you heard it right, you just might find yourself in a better place, sleeping at night and living a more gratifying life because you're not strapped to an unaffordable mortgage and home. But you're still going to have to pay the piper in more ways then one for your new found debt free renting life.

Posted by Moe Bedard on 07/07/2009 08:15 PM

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What Are the Ramifications of Foreclosure in the Mortgage / Finance Channel

what are the ramifications of foreclosure, foreclosure questions, foreclosure process

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1 Comments on What are the ramifications of foreclosure?

JUL

Hi, Moe! I support your efforts in getting information out there that may help reduce the number of foreclosures. Some of your information may be a bit misleading, though.

"You can also try something called a "deed in lieu of foreclosure". This basically means you turn over your house to the lender and walk away without owing anything. But you'll need to work this out with the lender and you can just send them a letter with your keys."

---you clarify part of this later, but saying that someone will walk away without owing anything may or may not be the case when 'tax time' rolls around. And the process of a lender allowing a deed-in-lieu option is a lot more involved than mailing an envelope with keys and a letter to them...it can be several months before they gather the information they need in order to proceed (bank statements, BPO, appraisal, listing agreement, etc.).

Thank you for all of the info.!

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