I have a condo that I have not been living in for 4 years and have had it on and off the market during those 4 years. I currently live with my boyfriend and our 1 year old daughter. Money is getting pretty tight for me with having to pay mortgage, electric and association every month (around $800 a month). I am starting to concider going into foreclosure, with the market the way it is and no one even looking. I have dropped the price, tried new realitors, everything. Would this effect my boyfriends credit in the future when we get married, or when we buy a house. How long really is your credit bad for? Some people say to do it now, others say you don’t want to mess up your credit. I am stuck. Please, any advise would be great!
hi there,
with a board full of investors, you might be able to workout something.
what we as investors try to do is workout a situation which you don’t go into foreclosure so your credit stays intact and can make a purchase in the future.
maybe team up with an investor and try a short sale?
as far as your credit is concerned, you’ll find many opinions on this, but you’re best bet is getting info from an expert in this field.
ryan
Missing the point entirely.
Congratulations, you are a real estate investor, you already aquired a property, now all you need to do is decide what to do with it.
If your costs are 800 a month, then rent it for 900 and keep the difference, your tenant pays your mortgage/ fees etc. and when you die, your child will have something to remember you by.
Google ‘property management’ or ‘rental management’, there are plenty of companies out there that will deal with your tenant on your behalf at a cost of next to nothing. Shop around.
There are plenty of people out there looking for rentals, because in the present market, they can’t get a mortgage.
First JD is right, Don’t know why you wouldn’t want to rent it out but maybe you jut don’t want to. Now for the credit answer. If your boyfriend is the one on the loan then yes it will hurt his credit and it will do so for years but the more time passes the better it will be. Current guidelines on mortgages are 2 years for a short sale and 4 years for a foreclosure. You could try a loan mod and make the payment more palatable then rent it out for a better profit or do a short sale. Foreclosure should be your last option