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RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 28371
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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What are the repercussions of foreclosure

Customer Question

What are the repercussions of foreclosure
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 2 years ago.
Good evening. I certainly understand the situation and your concern. The major thing that will happen, is that your credit score with take a sever hit. Moreover, the foreclosure will stay on your record for roughly 7 years, so you could have problems obtaining a loan or getting a line of credit, in the near future, until time passes and this drops off. In addition, the lender MAY decide to go after you for a deficiency judgment, if the sale of the home does not pay off what is owed. That is at their discretion and does not always happen. With that being said, if you want to try and save your home, you should speak with the lender about a loan modification. If not, another option would be a short sale or deed in lieu of foreclosure, getting the lender to agree to release you and not go after you for any balance owed.
Expert:  RealEstateAnswer replied 2 years ago.
I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!