Consequences Foreclosure

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Posted by admin | Posted in All About Foreclosure | Posted on 05-09-2010

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consequences foreclosure
wat happens when you go into foreclosure?

my mom and dad decided to go into foreclosure because our house’s value went down over 100,000 dollars but before they do they want to know what will happen is there like any consequences or something like that.

If they can afford it they should keep paying because the value will go back up someday but if not then they need to just let it go. What will happen is they will get a notice of when their house will sell and they should try to be out before that so they don’t get evicted. Yes a foreclosure is bad on your credit but it is happening to a lot of people right now and may not be as bad as the others on here have made it seem. If they had to get evicted though that would also be on their credit or history so it is best to avoid that. Finally, depending on the state you live in, a “deficiency judgment” CAN be taken out against them which is when the lender sues your parents for the difference. However, I have foreclosed on tens of thousands of homes in like 15 states and I have only seen a certain lender do it a few times in states it is permitted in. So, please know that it is possible but highly unlikely. There is not much else that would happen other than they just need to pick up the pieces of their life and move on.

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