If I can no longer afford to pay for my house and i am close to foreclosure what can I expect? What kind of repercussions can I expect, besides the obvious hit to my credit? Will I end up oweing anyone anything afterwards?
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In the US you will have 6-12 months (depending on the state you live in ) to live there without making payments
contact a realtor in the mean time & short sale the house – that way you won’t get the balance shoved in your face – and the realtor fees etc will all be paid by the bank since you won’t be making the payments – save up the money while you can – good luck
I saw 2 friends lose their homes, & tho I dunno ALL the story, I CAN tell what I saw. during a foreclosure, there’s a span of time B4 the sheriff comes & makes sure yer outta the home so the proper ppl can do whatever needs done B4 re-selling the home. they give U a certain time limit 2 find a place B4 the sheriff arrives 2 put u out. 1 friend moved right then but another had no place 2 go & they stayed til the sheriff came. needless 2 say they were taken in by their daughter. BOTH of these losses were due 2 job loss due 2 injury or layoff
I believe only in rare occasions would you need to pay something afterward. This normally happens when you have second and third mortgages or equity loans on the property.
In the US, no.
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