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Subject: What happens if I stop making payments?
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Mon Sep 14, 2009 6:14 pm
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| I own an investment piece of property on a golf course. Unfortunately the developer is going under and I do not want to keep making payments for 11 years on a property that is not going to be worth $5k in 10 years. What do you recommend and what will that do to my credit. I owe 65k and the property currently appraises at 89k. Nobody will buy as many are trying to sale at this point. |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1240
28942 Magic Points
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Tue Sep 15, 2009 10:22 am
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Hi Guest,
If you stop making payments for your property, then it is going to hurt your credit score badly. This will be counted as a defaulted loan and it will take your credit score down. Hence, paying off the debt is the best idea. However, if you are finding it difficult to pay the loan with the current plan, then negotiate with the lender and prepare an alternative repayment plan. In this way you will be able to pay off your debt as well as save some money.
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All the Best 
Justin |
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James Orr
Joined: 07 Jun 2009
JamesOrr's page
Posts: 54
Location: Maharashtra
298 Magic Points
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Wed Sep 16, 2009 4:08 pm
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In my opinion, Paying off them is the best option for you. In case you stop to pay them, It will strongly harm to your credit history & credit score too & i will create new problem in future. So keep making payments to them, I will help you to improve your credit score.
Justin has suggested good opinon.
Thanks & Regards.
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