Upcoming Foreclosures

What to do when foreclosure is pending ? Bank no go for deed in lieu of f/c ok with short sale but no buyers.

we have even hired a lawyer to try to get the deed in lieu of foreclosure, ABN ambro will not agree to it...We are making 3 rent payments due to job transfer and want to know how bad a foreclosure looks on credit report. It is not in my name, just husbands. My credit is poor too, but amy ideas how long to recover from a foreclosure? Thanks Why wouldn't you take a Chapter 7 bankruptcy if foreclosure is so much worse on credit report? Anybody got some advice?

Public Comments

1. Bankruptcy is worse than foreclosure. It'll be in the books anywhere from 7-10 years. As for foreclosure, recovery is relevant on what you're doing. For credit cards, you can get one within 2-3 years as long as your other credit lines are good. Buying another home may take 5 years. This is all assuming you have other credit you are paying on time on. So if you don't have credit cards right now, I suggest you get some and create a payment history -- on time monthly payments, for the next few years. Want to learn more about foreclosures and other issues regarding real estate? You should check out this book which I found helpful in answering your question.