Foreclosure Forever?

April 14th, 2010 by Questions

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

Questions

One Response to “Foreclosure Forever?”


, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

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.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)