How badly will forclosing on my house hurt my credit I can't afford my mortgage?

I got divorced and am having a hard time trying to sell my house, in the meantime the mortgage payments are breaking my back and I can forsee that in a short while I will not be able to afford it. If I make arrangements with my mortage broker to take back my home, will that do irrepairable damage to my credit in the future?How badly will forclosing on my house hurt my credit I can't afford my mortgage?
I work for a mortgage firm in the Loss Mitiagtion department. I talk to people evryday about foreclosure alternatives. Have you tried to work out a forebearance pan with the mortgage firm? Simply put, try to come up with some down payment %26amp; a feasible repayment plan. This will bring you back current in time. You can also look at a ';short sale'; option if you have an offer les than full mortgage payoff. Lastly, depending on where in the foreclosure process you are try deeding it back to the lender.Good LuckHow badly will forclosing on my house hurt my credit I can't afford my mortgage?
foreclosure is NEVER good for your credit...it might be better to sell your home at an extremely low price rather than foreclose because selling it cheap won't mess with your credit. you might talk to your mortgage broker about this.
There is nothing you can do to repair your credit if you wind up in default of your mortgage. You will have to wait seven years for that black spot to drop off your credit history.





Any credit you are able to obtain after default will be from loan sharks disguised as credit lenders. They will charge you staggering interest rates, and have exorbitant late fee charges, and some may even have tiny print that says if you are late once, they can seize your security - and it's all absolutely legal.





Hope it works out for you and this can be avoided. Good luck.
You enjoyed getting screwed occasionally while married, I hope. Now you are in for the big screw. Plan on seven years of despair when trying to buy anything on credit.
it will destroy it.
I was a mortgage loan officer for a couple of years. Yes it will hurt your credit just as much as bankruptcy. For clients that I could not help, I would refer them to Foreclosure Solutions, a company that specializes in these circumstances. You are not alone. I have pulled a lot of credit reports for the last 20 years in various jobs and it seems that at least half of those whose credit I have seen have filed bankruptcy, and more than half have not so great credit from slow pay. Also, no damage is irreparable on your credit report. It Will take time for it to fix or simply fall off in 7-10 years. Foreclosures might stay on there longer than bankruptcy though. The credit reporting agencies are constantly changing their rules. The possibility of liens can be a continuous problem. Please call around for some different options. Your mortgage company might be able to help, depending on who you have your mortgage with. If there is a lot of equity in your home, they will try to get it from you! My best to you.
okey ..your looking at your worst scene..


now go to the positive page.....and write down the positives


is your home listed for sale??


contact your listing agent and find out what you can do to improve the house for a sale..


(sometimes just a clean home..with clutter gone sells)


you have a few more payments..available..


what are your chances of working a second job..and giving your realtor a key with unlimited access to show your home..


if you have lots of clutter..try selling it in a garage sale (friend of mine made $300 on her clutter that included a none working washing machine)...


if it gets real tight.....you can phone your bank and ask to have a few payments deferred until your home is sold..(they may only give you one you may get more)..





then you can sell and give the ex her 50% and you can go on your way.......with your 50%..


don't ruin the ex's credit cause the ex left.........


pull yourself together and try to get something out of this for yourself as well...so you can get a new start somewhere else where new memories can be made......


good luck