Non-Recourse Loan or Recourse Loan ?
Hi Everyone ! I bought a house in 2004, I got 2 loans from countrywide, 1st loan is main, 2nd loan is for down payment.... after 2 yrs, I combined 2 loans into only 1 loan. Now I can't afford a payment, try to get loan modification, but the banker doesn't help.... So i plan to short-sale or foreclosure.. My question is I don't know my loan is non-recourse or recourse loan now .... Short-sale or foreclosure, which one is best ? I don't want the banker after few yrs come back to me for money ? How about my credit score ? How long I can clear or buildup my credit score back ? When I can buy a house again ? Any suggestions ? Thanks.
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Answer by Michael T
Since you refinanced, your loan is probably a recourse loan. You cannot short sell without the approval of the bank.
A short sell will have less of an effect on your credit score than a foreclosure but both will probably damage your credit very badly.
If the bank allows you to short sell, the bank cannot come after you later.
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