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SVTPerformance's Chain of Restaurants
Road Side Pub
Need input/advice from folks who know about short sales/foreclosures of a rental property
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<blockquote data-quote="Blk04L" data-source="post: 16357708" data-attributes="member: 48574"><p>*Not an expert on this.</p><p></p><p>But it seems from a simple search a foreclosure can knock your score down up to 160 points if not more and have years long repercussions on your ability to get credit/loans in the future. Most sites show it will be on your record for around 7 years.</p><p></p><p>So, if you let it get foreclosed, you can forget about moving anytime soon.</p><p></p><p>Insurance won't touch any of the damage?</p><p></p><p>You need to look into if Ohio allows the bank to sue you for the deficiency balance on that home. So if the lender takes over that house, and sells it for 40k, due to the rough shape, they could go after you for the remaining balance. So, you could have a foreclosure on your record, lower scores and now a lawsuit from a lender for the remaining balance.</p><p></p><p>edit: quick search on Ohio</p><p></p><p><a href="https://www.nolo.com/legal-encyclopedia/deficiency-judgments-after-foreclosure-ohio.html" target="_blank">Deficiency Judgments After Foreclosure in Ohio</a></p><p></p><p><span style="font-size: 15px"><strong>Deficiency Judgments Are Allowed in Ohio</strong></span></p></blockquote><p></p>
[QUOTE="Blk04L, post: 16357708, member: 48574"] *Not an expert on this. But it seems from a simple search a foreclosure can knock your score down up to 160 points if not more and have years long repercussions on your ability to get credit/loans in the future. Most sites show it will be on your record for around 7 years. So, if you let it get foreclosed, you can forget about moving anytime soon. Insurance won't touch any of the damage? You need to look into if Ohio allows the bank to sue you for the deficiency balance on that home. So if the lender takes over that house, and sells it for 40k, due to the rough shape, they could go after you for the remaining balance. So, you could have a foreclosure on your record, lower scores and now a lawsuit from a lender for the remaining balance. edit: quick search on Ohio [URL="https://www.nolo.com/legal-encyclopedia/deficiency-judgments-after-foreclosure-ohio.html"]Deficiency Judgments After Foreclosure in Ohio[/URL] [size=4][b]Deficiency Judgments Are Allowed in Ohio[/b][/size] [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Need input/advice from folks who know about short sales/foreclosures of a rental property
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