Question:
I lost my job about 3 1/2 months ago. I just started working about a month ago at a new job, but had to take a dramatic decrease in pay. Thus, I am having trouble making my mortgage payments. I owe about $1700 by June 8 or my home will be submitted for foreclosure. What are the ramifications of being foreclosed upon?
Answer:
If a foreclosure action commences because of a default on your loan, you will have a statutory period (usually 6 months) to redeem your mortgage (basically re-finance), or your house will be sold at a sheriff's sale to a new owner.
I suggest you look into debt relief, and talk to some bankruptcy attorney's in your area immediately.
Ramifications? you mean like having to find another place to live?
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