Bank repo will the bank chase after my bank account?

I cannot pay my mortgage anymore, and have to let go of a property. (1) Will the bank chase after my bank account or only take my property? (2) How bad can they ruin my credit? (3) Can my credit score be saved or how can I manage a minimal damage to the credit score and minimal expenses?
Bank repo will the bank chase after my bank account?
Yes they can chase any other assets you may have that they deemed valuable. I haven't heard of any lender doing it.





You should contact 888-995 HELP. And also the lost mitigation department of your lender. If you don't they can and will accelerate the foreclosing proceedings.





We've spoken with our accountant and are having a meeting with a loan officer tonight that has attorney contacts that are trying to help homeowners by dealing with the lenders on the legal level. If that doesn't work, then our options are to file bankruptcy prior to the foreclosure. It does one main thing, delays everything for up to 1 year. The lender can not file foreclosure until the bankruptcy is discharged and I have been told that could take 6 months. After the foreclosure and sheriff sale, you will have a right of redemption period, our 's is 6 months. Yours could be different depending on where you live.





You could try negotiating "deed in lieu of foreclosure" with your lender. It saves them a lot of time and money, but you would have to be out sooner.





So you see, you have some options, and I suggest you work them all for as long as you can.





Best of luck to us all!
Reply:I'm not a realtor or anything like that, just someone in the process of buying my first home. However, I do know that you should definately do everything possible to avoid foreclosure. That looks very very bad on your credit. If all else fails, get a Realtor and sell your house. I know the real estate market is less than ideal at the moment, but to sell now would not be so bad on your credit is having the bank take it back. I don't think they go after your money though. Once they have the house, they try to sell it to recoup the losses.





The only real issue I can see with selling your house now is if you'd be selling it for less than you bought it for (since the market is at a low point and you probably bought when it wasn't). The financial implications of this I'm not sure of. A CPA or maybe even a realtor or loan officer may be able to help with that one. I don't see that they would be worse than being foreclosed on though.





I've known plenty of people who rented out rooms when the going got a little tougher. Maybe you can consider that too.





Good luck.






Reply:If you had assets you could have used to pay them, yes, in most states they have a right to those assets. You took their money, they want it back. If you have someone thousands of dollars would you not want it returned?





A foreclosure hits your credit by about 260 points. And no, of course you can not save your credit. You are screwing a creditor, others have a right to know that you are willing to do this.
Reply:The lender will pursue any assets that they are legally permitted to attach in an attempt to recover the money you owe.





"They" aren't ruining your credit, you are. The average foreclosure takes 250 - 300 points off your credit score. You cannot minimize or save your credit score, foreclosure is second only to bankruptcy on ruining a formerly decent credit score.





My qualification and experience: Oregon Realtor
Reply:Depends: when you talk about a property, is it primary residence or investment? Investment different liability then primary, then if primary most likely its non-recourse if so no other liability to you if recourse then you have liability issues
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