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marga1511 · Joined: 13 Nov 2009 Posts: 42 0.02 Dollars($)

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sonjakracine · Joined: 24 Oct 2007 Posts: 77 15.05 Dollars($)

They can potentially get a judgment filed against you for the deficiency, or send you a 1099 and then you'd pay income tax on the shortage ( if you did a short sale). Foreclosure will keep you from purchasing another home anywhere from 3-5 years, and maybe indefinitely if you get a substantial judgment placed against you. You need to communicate with your lender to get the right info for your particular situation. If you are no longer able to make the payments you should see about a modification or maybe a deed in lieu of foreclosure. Foreclosure should be your last resort.

Guest

I would agree with the previous. Forclosure should be the last resort. Try other methods before going down this ave.

Sam
Voyage home loans

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Consequences of Allowing a Home to go into Foreclosure