Question by ye f: How my credit score would be affected?
I am thinking to put my house in foreclosure. How my credit score would be affected?
Could I have to face any legal process that could cause me any trouble?
Best answer:
Answer by jerman1919
DO ANYTHING YOU CAN TO AVOID FORECLOSURE!! It will GREATLY decrease your credit score and will stay on your report for at LEAST 8 YEARS!! try re-financing. Go to the bank, beg for money from them. Do anything you can to avoid foreclosure. Legally you may face problems for not fulfilling a contract, which most likely will lead to Chapter 11 (bankruptcy). And you DO NOT want to declare chapter 11.
Go to different banks and credit unions to get money, most of them will attempt to work with you.
GOOD LUCK
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