Thomas asks…
How bad does foreclosure affect a credit score?
Due to an adjustable rate mortgage that increased $250 in one month at the same time my HOA did a special project assessment for an additional $115 per month, I had to stop making payments on my condo. In early October, I moved out and listed it for short sale (I was not eligible to re-fi). Two buyers have fallen through and after 6 months I have notified my lenders that the property has been taken off the market. I'm being told it will be another 120 days before the foreclosure process is complete.
I checked my
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