When you fall behind in your monthly mortgage house payments, the seller or lender may try to take the house back. This is what is called foreclosure. Whenever your house is foreclosed, you may lose not only your house, but also all of the money that you have invested. A foreclosure (also called “deficiency judgment”) can seriously affect your ability to qualify for credit in the future. You should avoid this, if at all possible.
Posted under foreclosure, mortgage debt
This post was written by fixbadcredit on October 16, 2008
