The foreclosure poll thread

[jinduy]

so who here has gone through a foreclosure?

i'm curious to know what happens to your other assets if you go through one (i.e. savings account, etc)

 

[FoBoT]

nothing if it is just a foreclosure, other assets are only involved if you also file bankruptcy

check out the possibility of doing a short sale over foreclosure

 

[Caveman]

So... There must be some sort of major credit hit...

But... No assets taken?

 

[OCGuy]

It has nothing to do with anything other than the house.

 

[FoBoT]

well yeah, it hurts your credit, stays on there for seven years

 

[eplebnista]

nay

 

[Andy22]

bankruptcy...yes but foreclosure...no

 

[Linflas]

Nay. Been paying a mortgage since 1989 and have never even paid a late fee.

 

[ViviTheMage]

My sister is ...but she cannot afford the house she is in (they got SCREWED on there rate...10%).

 

[mugs]

I've never been through a foreclosure, but my understanding is that there are "recourse" loans and "non-recourse" loans. Recourse = they can go after other assets, non-recourse = the bank is SOL, they get the collateral (the house) and nothing more. First mortgages are usually non-recourse (mandated by law in some states), second mortgages are sometimes recourse loans.