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Avoiding Foreclosure

By: Meg Dilts

If you don't pay your mortgage, foreclosure may occur. This means your lender can legally repossess (take over) your home. When this happens, you must move out of your house. If your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be pursued, meaning you would not only lose your home, you also would owe HUD money.

Both foreclosures and deficiency judgments could seriously affect your ability to qualify for credit in the future. So you should avoid foreclosure if at all possible.


Source: U.S. Department of Housing and Urban Development


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Date Added: 2009-04-22 Views : 321