The more I talk to people who are thinking about letting their home go to Foreclosure, just giving up, the more I realize that they think this decision will end their dilemma and everything stops because they are giving the home back to the bank.
I explain that after a home goes to foreclosure that the financial burden is not lifted and they still may or most likely will receive a “Balance due” after all is said and done. When they cannot pay, then a “Judgment” will be issued. After that, collections will be pursued by possibly garnishing wages, bank accounts, etc. which usually ends up in bankruptcy which does end their hardship.
Please seek legal advice before considering a foreclosure to make sure you understand the entire process of foreclosure and what happens after your home has been foreclosed by the bank.
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