Foreclosure may be looming in your future, but there are other options open for you to consider.<\/p>\n
For those who do not understand what foreclosure means, it refers to a local government taking away your ownership to a piece of property. For example, let\u2019s say you take out a loan to buy a house, as most Americans do, and during the course of signing the papers, you have given the lending institution a secured interest in your home. If you do not make your mortgage payments, or do not make them on time, the lender can, because they have a secured interest in your home, foreclose on it or auction it off.<\/p>\n
Proceeds from the auction go back to the lending institution, but that is not the end of things. If the lender is not able to recover the remaining money you owe, you may have a deficiency judgment registered against you. Of (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Foreclosure may be looming in your future, but there are other options open for you to consider. For those who do not understand what foreclosure means, it refers to a local government taking away your ownership to a piece of…<\/span><\/p>\n