| Going into foreclosure in order to go back to school |
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oneblach
New Poster
Cash: $ 0.45
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Joined: 06 Jul 2009
Location: Florida
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| Going into foreclosure in order to go back to school |
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Hello,
I currently own a condo that is worth half of what I bought it for 2 years ago. I absolutely hate my job and I'm planning to go back to school full time for the next two years or so I can finally get a bachelor's degree. If I won't be able to short sell it, I will foreclose. I've wasted 6 years of my life for this dead-end job and I don't won't to look for another one, in case of course that I would find one, which would be a miracle. I have a perfect credit score and I'm really scared of ditching my condo and renting a room somewhere with somebody. I have enough money saved up to live without a job for at least a year. I'm trying to make up my mind and I would appreciate someone's advice. What ramifications would there be in regards to my financial future? I'm 28, single (not by choice), with family out of state.
Thanks,
Bob
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Mon Jul 06, 2009 11:47 pm |
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coaster
Senior Advisor
Cash: $ 1357.80
Posts: 6686
Joined: 11 Oct 2005
Location: Wisconsin
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I THINK the voluntary foreclosure will drop off your credit records after seven years, but not sure about the length of time. You might see if you can find any answer on these websites:
www.myfico.com
www.clarkhoward.com
If you can't find an answer, trying calling Clark's radio show; he'd love answering that one. 
~Tim~
Eye Candy : Why Whimsy
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Tue Jul 07, 2009 5:00 am |
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LottomagicZ4941
Senior Member
Cash: $ 7.91
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Joined: 02 Dec 2004
Location: Earth
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My understanding is that condos come down the hardest and the fastest.
Would you be able to rent it out to cover till the market improves?
We did a short sale on our rental unit to avoid foreclosure.
The real estate agent acted like we were comming out like roses when in fact it was a 35K loss.
Several thousand of that loss was cuz the dip of a mortage company was quick to start forceclosure procedings eventhough we had a short sale in progrss. One short sale fell through cuz they took so long to approve it!!!!
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Tue Jul 07, 2009 6:33 am |
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littleroc02us
Moderator
Cash: $ 204.95
Posts: 1013
Joined: 09 Feb 2009
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If you are going back to school may I suggest trying the Short sale option, forclosure last. You cannot afford the house if you are going back to school. Rent until you finish, clean up your debt and save a 20% downpayment. Good luck!
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Tue Jul 07, 2009 7:43 pm |
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oneblach
New Poster
Cash: $ 0.45
Posts: 2
Joined: 06 Jul 2009
Location: Florida
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Thanks for all the replies. I cannot rent it out. I'm paying about $1,100 a month and it's a 1 bedroom. 2 and 3 bedrooms rent for as low as $600, plus mine is furnished. Short sale would be the best option but I doubt I can sell it cuz there are already plenty of short-sale offerings at my complex (strangely more now than ever), in addition to all the foreclosures and regular listings. I will try, but I think foreclosure is imminent.
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Wed Jul 08, 2009 12:03 am |
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