Why Should You Stop House Foreclosure?
If you are facing foreclosure and you have tried all that you can think of to stop house foreclosure, you may be wondering why you should even bother to try to stop it at all. What will happen if you do not? What exactly are the consequences? The answers to these questions depends on your situation.
If you owe more on your house than what it is worth, your mortgage company can come after you for the remaining amount owed to them after the foreclosure sale. So essentially if your house sells for less than what is owed on it at the foreclosure sale, you could be getting a very big bill from your mortgage company. Will your mortgage company really come after you for that money? Some will and some will not. But they do have the legal right to do so.
There are obviously credit consequences if you decide that you do not want to stop house foreclosure. A foreclosure will stay on your credit for seven years. If you remain in good standing with your other credit obligations, the effects of foreclosure on your credit are less. But it will affect your credit and your ability to get credit for several years.
The other obvious effect of not stopping mortgage foreclosure on your home is that you will need to find a new place to live. You might find it difficult to rent from traditional apartment complexes if you have bad credit. You might want to ask some apartment complexes in your area if they would rent to you before you are facing eviction from your home. Renting from an individual might be easier but again, you might want to check around. You certainly do not want to be in a position where you are being evicted and you have nowhere else to go.
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