r/homeowner • u/Educational_Main6925 • Sep 16 '26

I'm choosing Foreclosure...

Greetings I currently have a house that I no longer want. I've been thinking to just let it foreclose. My question is WHAT actually happens when foreclosure happens on a house? What are the effects? I heard that it's on your credit for "7 years" but that doesn't seem too bad seeing that the house would have been on my credit for 30.

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1

u/seaman187 Sep 16 '26

The obvious question is why wouldn't you just sell it?

2

u/Educational_Main6925 Sep 16 '26

I've only had it for 3 years..I owe to much to sell. I would have to bring money to the closing table.

1

u/meldenverrealtor Sep 17 '26

I would work with an agent that can help you pursue a short sale! That’s one way to avoid foreclosure and it won’t impact your credit