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What exactly happens when you foreclose?

I don't even own a house, but I just realized I have no idea how foreclosure works. Is it like when they repo a car? They take it, sell it for what they can, and tell you that you owe the rest? Or do you just give it up, walk away, and deal with the credit issue?

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Asked by Jeiao at 5:34 PM on Sep. 3, 2009 in Home & Garden

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Answers (1)
  • It's like a repo kinda. The bank who the loan is with takes it and tries to sell it, usually a heack of alot cheaper. Not sure if you still have to pay though. It goes on your credit.

    My parents are an inch away from forclosure. Luckly, the bank is working with them on it. Thank God.

    Answer by Anonymous at 5:36 PM on Sep. 3, 2009

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