What happens if I have a foreclosure on an 80/20 loan in AZ?

Answer by  Britt38 (45)

I recommend you short sale your home immediately. A foreclosure is very damaging on a credit report. A short sale can save your credit. Contact your local real estate agent to set up a short sale before you go into foreclosure. 80/20 Loans are perfect for short sales, they usually close pretty quick.

Answer by  worker885719 (154)

This is a complex issue to take on in a brief manner. If you are at risk of foreclosure, call your lender or seek out help in avoiding foreclosure. Don't avoid your debtors, it is in their best interest to help you to be able to make your payments. Don't be shy about getting help. bite the bullet and get help.

Answer by  worker2746 (2434)

It means that you will have to lose the home to the bank. You are still liable for any short sale.

Answer by  heather88 (1897)

It means you are going to lose your house for not paying the loan back or making payments. You haven't kept up with the payments so you will lose the hosue.