I have an investment property in SC and do not have tenants anymore at the moment i am unable to pay the mortgage. How soon will my bank forclose the property and how will it effect my credit score.
The bank could file a lawsuit today or they could wait years. Given the state of the banks and the housing market no one can predict when they will foreclose.
A foreclosure is very negative on your credit report. many commentators are of the opinion that iy is worse then a Bankruptcy.
You may ant to consult a bankruptcy attorney now before th legal system starts to operate in SC so you can determine your rights and best course of action.
Disclaimer: This answer does not constitute legal advice. I am admitted in the States of New York, New Jersey and Massachusetts only and make no attempt to opine on matters of law that are not relevant to those three States. This advice is based on general principles of law that may or may not relate to your specific situation. Facts and laws change and these possible changes will affect the advice provided here. Consult an attorney in your locale before you act on any of this advice. You should not rely on this advice alone and nothing in these communications creates an attorney client relationship. The opinions expressed herein are those of the author only and the fact that he has worked as an Assistant District Attorney; State Supreme Court Clerk; Special Assistant United States Attorney (Hawaii); Assistant Cornell University Counsel or Judge Advocate, United States Marine Corps should not be relied upon to assume that these statements reflect the policy of these organizations.
