I purchased my 3 bedroom home in 2005. Since then I have had an increase in my family...
size of 3 and now have no room for my children I still owe 69,000 on my home and seriously need a bigger home. If I move out of the house how ill this affect me credit wise?
When you get a mortgage, you have an obligation to pay it. An increase in family size does not justify walking away. It seems like everyone is looking for an easy way out. Everyone else is going through foreclosure, so it's OK if I do too, right? Wrong! Foreclosure should be avoided if at all possible.
You didn't say how many kids you have, but you have a 3-bedroom house. Guess what? You have one bedroom for and your spouse/partner, one for the girls, and one for the boys. Sounds great to me. My husband and I currently have two bedrooms and three kids, so I know what it's like to live in a house that's too small. We're looking for a bigger place, but for now we're making it work.
To answer your original question, you can expect your credit score to drop by about 200 points immediately if you go through foreclosure. You will probably not be able to get a loan to buy a house again for at least two years. Your ability to qualify for other loans and credit cards will be affected as well.
Another thing you should think about is the message you send to your kids if you walk away from this house. By doing that, you are teaching them that your word means nothing, and that it's not important to stick to the agreements that you've made. A lot of people are having a hard time financially right now. That doesn't mean they shouldn't at least try to do the right thing.
by Jeffrey B 7 years ago
I am interested in buying A used Jacuzzi Hot Tub, Purchased in 2005. Its in good condition,...although the sterio does not work, and the cover inner foam is broken from A small child jumping on it. Model J-375 what would be A fair price.
by erickazoso 8 years ago
I'm curious what others think, in my opinion, the current recession we're in is simply the fault of the people that wanted a house and either couldn't afford their loans or didn't educate themselves properly on the loan they were getting into.
by And Drewson 7 years ago
I have a serious question about the state of Americans and all the job losses, defaulted loans, housing market collapse, etc.Should the government have a one-time reprieve for people that have been damaged by all this?Bankruptcy effects your ability and rates for loans, insurance, etc for up to 10...
Copyright © 2018 HubPages Inc. and respective owners. Other product and company names shown may be trademarks of their respective owners. HubPages® is a registered Service Mark of HubPages, Inc. HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.
|HubPages Device ID||This is used to identify particular browsers or devices when the access the service, and is used for security reasons.|
|Login||This is necessary to sign in to the HubPages Service.|
|HubPages Traffic Pixel||This is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.|
|Remarketing Pixels||We may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.|
|Conversion Tracking Pixels||We may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.|