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Old 02-01-2011, 06:02 PM
 
4 posts, read 7,040 times
Reputation: 10

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They came after me shorty after the sale of my house. Spoke to an lawyer today and learned that Texas law gives lenders recourse to persue loan defaults weather it be foreclosure or short sale. It depends on the state and the lender. In my case, the lender could have gone after alot more but has not because of my income level. Can't get blood from a stone. In my case I was under such pressure to sell, I trusted my realtor before the sale thought I could make up the difference but when the offer came in, I had to choose SS not aware of the ramifcations. As far as 100/month, I'll be dead or close to it so WTF. Much better than a huge settlement or tax bill I can't handle now. Maybe later I can renogiate if my life improves. My credit report shows the SS will remain will remain for 3 more years as I'm not in a hurry to ever purchase a house, so not a problem.
Thanx to all for your input. I'm letting go as it it until the situation changes. Sometimes the price of sleep cant be measured on dollars.....
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Old 02-01-2011, 06:05 PM
 
79 posts, read 182,559 times
Reputation: 35
From my understanding short sales last 3 years on your credit,and Foreclosure 5- 7 years.

You are better off with a short sale and having to pay back the loan

I hope you are back on your feet and things are doing well now.
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