Legal Question in Real Estate Law in Iowa

foreclosure

I have taken a job in texas and bought a house in iowa a year ago. I will not be able to afford both places of residences and have about 5 months of payments saved. I have put my house on the market but no takers since Feb. Do I simply let the house go back to the bank once I move or make the 5 months of payments?


Asked on 4/22/08, 3:54 am

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: foreclosure

That is your decision. A foreclosure will adversely affect your credit. There are other options as well; deed in lieu of foreclosure, short sale, but you should discuss this with your bank if believe you will be unable to make your payments.

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Answered on 4/22/08, 2:45 pm


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