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Question By
DdavidWilly

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Bough a 2nd home last spring and can not seem to sell the other home.What happens if I let the bank
Take it back how long will it effect my credit

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Well why wont it Sell?   Over Priced, Needs work,  Bad layout?  ...

You want to do what ever it take to see the house.  

If they take it back it would be a black mark on your Credit Report for about 10 to 12 years, depending how long things drag out. 

Top Contributor
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Your credit would be damaged for years, so the move you are considering is not a good move. I would work very hard to sell the place, even if you went a few grand in the hole and had to take it out of your pocket to make up the difference to pay off the loan.

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