- July 31, 2008 at 5:54 pm #260920
Sadly, once the foreclosure shows up the credit companies will see it on the report because they review it often. They will probably raise you up the highest interest rate they can which in some states is almost 30%! You may find that the savings you get from letting your house go will be ate up by the min.
payments on your cards going up so drastically. I think you should really re-think this.
From: Melissa Calapp
Sent: Thursday, July 31, 2008 12:54 PM
Subject: Budget101.com : Before Our Credit is ruined
We have decided to let our house foreclose, which will ruin our credit. Does anyone have any advice on what we should do before it is ruined? We currently have all of our credit cards at 0% and after our credit is damaged will probably not be able to flip them to another 0%.
We owe about $25,000.We will be able to pay things off faster this way, as it will save about $1000 a month to move to an inexpensive rental, so we still think it is worth it. I’m just wondering if any of you have been there and have advice.
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