Foreclosure Forever?
I am facing the serious possibility of foreclosure (partner ran off, can`t afford the place on my own, mortgage company won`t deal, and i`m underwater on the mortgage as it is).
I`ve been advised that a `foreclosure` is not limited to 6 or 7 years on ones credit report — and would like to know if this is true.
Posted from: Alberta
This can be true, depending on how long it takes you to pay off the residual amount of debt that is left after the property is foreclosed and sold. However, it also depends on what type of action and how quickly to are able to pay off this shortfall.