| Hot topic: Voluntary Foreclosure?
"So I'm thinking about walking away from my house and was wondering if that would be a reasonable idea. A little about my background:
I bought the house in 03', as it stands right now I have a $232,000 balance, $147k first, $85k second. I live here alone, it's a 4 bedroom 2 bath 2066 sqft single family home. Zillow.com has the house worth about $215k, it was $255k a couple years ago before the housing market took a dive. My finances have been a little tough the past couple of years...
I could also get myself free from the house and have a little more wiggle room when it comes to traveling, relocating etc.. Also, the neighborhood has gone downhill, section 8 HUD has moved in down the street and home values are continuing to fall without the help of the current economy. It was nice at first to get into a house, but after 5 years I'm beginning to think that in my situation it wasn't a really good idea, I would rather be more felixble in living situation.
My question is
How bad is a foreclosure on your credit?
How long does it usually take to recover?
Can the bank come after me for the negative equity?
"
Mr Florida, "Voluntary Foreclosure?" Posted in Your Money.
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Last updated 8/27/2008 5:30:29 PM (ET).
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