is foreclosure bad
We really have no option but foreclosure:( How bad will this be to try to rent?
We bought our house almost 2 years ago, and we chose an 80/20 loan, well the 20% is due in 2 months, and apparently our home is worth considerably less now. Even though, we put over $10K worth of improvements into it, and paid all payments on time, no one wants to refinance us. Everything has been good up til now, and I am sooo sad.
How will this look when we go to rent? I’m so worried that we won’t be able to get into a decent home!
I can’t even begin to say how many people we’ve talked with, and the mortgage company didn’t seem worried or even helpful. We’ve talked with other companies too.
Before you throw in the baby and the bath water, try to talk to your lenders about the loans and negotiate something you can manage. Don’t take no for an answer from the first $9 an hour employee that says they can’t do anything for you, try to move up the chain and BE NICE.
If the foreclosure process starts, your credit will be hit hard, then you might have a harder time finding a rental.
