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Should I foreclose?

I am thinking about going into foreclosure so that I can buy a newer home. I put a good lump sum of cash into my home and my Question is “Will I get my equity back?”

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I think you might be misunderstanding foreclosure. I think it means when the lender repossesses the property because of your failure to make your payments.

I don’t think that you get anything back, the lender just ends up with the house.

Why not try to sell your house? Then you would receive the value of the house, less whatever you still owe on it plus minus any real estate commissions and costs.

Another negative for foreclosure is that it would negatively affect your credit record for a long time.

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